Elevation and Vertigo may be songs that hit the high notes for Apple boss Tim Cook's chums U2, but the same can't be said for sales of iTunes music right now, which have reportedly nosedived since the start of 2013.
According to the Wall Street Journal, iTunes revenue witnessed a rapid decline of around 13 per cent to 14 per cent over the course of the past 10 months. The newspaper cited sources familiar with the matter.
Here in the UK, digital recording revenue first overtook physical in 2012, however, CD sales fell only 6.4 per cent last year.
But this time, Apple is apparently taking a knock from the rise of cheap music, such as free vids and streaming services, as well as low-cost subscription plans.
Apple splashed out $3bn in May this year when it bought Beats Electronics from Dr Dre.
The takeover was seen as significant, not just for acquiring the company's headphone biz, but also for scooping up its Beats Music streaming service – an area where Cupertino has so far failed to gain a foothold. ®
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