Analyst Gene Munster of Piper Jaffray issued a note to investors this week, a copy of which was provided to AppleInsider, in which he said he expects a $10-per-month music subscription service from Apple will not benefit the company financially in any meaningful way.
For example, he said if Apple were to match the 15 million subscribers currently held by Spotify — an achievement he said is “highly unlikely” — it would add less than 1 percent of the company’s revenue in 2016.
Source: Subscription music service expected to boost iPhone experience, but not Apple’s profits