Apple Acquires Classical Music Streaming Service 'Primephonic'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Apple has acquired the classical music streaming service 'Primephonic,' CNBC reported on the 30th (local time).

The specific acquisition amount has not been disclosed.

According to the report, Apple announced the acquisition of Primephonic on the same day and revealed plans to launch a dedicated classical music application next year. This app will utilize Primephonic's user interface (UI). Additionally, Apple stated that over the coming months, it plans to enhance browsing and search functions by leveraging detailed information about Primephonic's classical music tracks.

With this acquisition, the music streaming service 'Apple Music,' which offers over 75 million tracks, is expected to expand its catalog further. Apple Music already provides classical music streaming services, which are also expected to grow.

Apple announced that Primephonic will cease its service as of September 7, and existing subscribers of the service will be able to use Apple Music for free for six months.

Apple acquires dozens of companies annually to secure core technologies and recruit engineers with expertise in specific fields, with the music sector being the largest and most eye-catching area, CNBC reported.

In 2014, Apple invested $3 billion (approximately 3.5 trillion KRW) to acquire 'Beats,' a streaming music service provider and headphone manufacturer. In 2017, Apple acquired 'Shazam,' a service that identifies songs by listening to a short snippet, for about $400 million (approximately 467 billion KRW).

In 2018, Apple also purchased 'Platoon,' a company involved in artist management and music distribution.

Primephonic stated, "We expect this deal will allow us to reach more classical music listeners worldwide."

Meanwhile, on the same day, Apple's stock price closed at $153.12, up 3.04% (4.52 dollars) from the previous session, surpassing a market capitalization of $2.5 trillion. This is just one year after crossing the $2 trillion market cap, known as the 'dream milestone.'

This content was produced with the assistance of AI translation services.