2024-05-24 06:30:00
Renting music online, so record companies can make more money economics/music

Jobs says Apple customers not into renting music | Technology | Reuters

Apple Inc. Chief Executive Steve Jobs indicated on Wednesday he is unlikely to give in to calls from the music industry to add a subscription-based model to Apple’s wildly popular iTunes online music store.

“Never say never, but customers don’t seem to be interested in it,” Jobs told Reuters in an interview after Apple reported blow-out quarterly results. “The subscription model has failed so far.”

His comments come as the company he co-founded gears up for contract renewal negotiations with the major record labels over the next month.

Since Apple launched iTunes in 2003, it has sold more than 2.5 billion songs and now offers increasing numbers of television shows and movies.

Many in the music industry hope iTunes will ultimately start, in effect, renting music online, so record companies can make more money from recurring income. But Jobs said he had seen little consumer demand for that.

“People want to own their music,” he said.

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