Apple Music says it has reached 36 million subs globally (which is up on the “over 30 million” mentioned at the end of September by the company).

A report from equity analysts at investment bank Exane/BNPP says that this equates to roughly 12+ million net new subs in a full year. Although still well down on Spotify’s 70 million paying subscribers and its rate of growth suggests it has added +20 million over the past year, the bank said that it indicates the streaming music market is “alive and well”.

The bank said: “The fact that Apple has been able, in just 2-3 years, to create a business that is anywhere between 50 and 70 per cent the size of Spotify should mitigate the risk that Spotify [becomes] overly dominant and dictate very difficult “monopolistic” terms to the music industry in the figure. As we highlighted recently, music industry is more consolidated and less exclusive in nature, making it harder for platforms to dominate content providers.”

The bank says as a consequence it remains with an “Outperform” guidance on Vivendi and its music investments.

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