Apple announced their latest financial results recently, and now the company has confirmed that sales of iTunes music are actually down on the previous year.
The news that iTunes Music sales had declined was confirmed in a recent securities filing, the companies overall iTunes sales, which includes apps as well as music were over last year.
The iTunes Store generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013. Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases. This was partially offset by a decline in sales of digital music.
We recently heard that Apple plans to integrate their Beats Music streaming service into iTunes in an attempt to increase iTunes Music revenue.
The company is also said to be in talks with the major record labels to reduce the price they have to pay for music streaming, and they are looking to reduce the monthly subscription cost for Beats Music down from $10 a month to $5 a month.
Source Venture Beat