Apple Music hits 48 million subscribers

Photo by studioEAST/Getty Images

Apple appointed a new executive to oversee its Apple Music business as it continues to grow, inching up to 48 million subscribers from 30 million in September, the company announced, per Reuters. Of those subscribers, 40 million pay for the service.

Why it matters: Apple is inching closer to its closest competitor, Spotify, which has roughly 70 million subscribers. Both firms charge subscribers $8.99 a month.