Apple reported a 38 percent increase in profits — which equals $10.7 billion — from a year ago. Revenue rocketed 33 percent to $49.6 billion, and the iPhone, the company’s biggest source of revenue and profit, jumped up 35 percent to 47.5 million units. Still, on hearing the news, Apple’s stock plummeted. Why? Investors and Wall Street analysts expected Apple to wildly exceed its projections. Instead, when stratospheric sales of iPhones and Apple Watches didn’t materialize, Apple fans and shareholders were disappointed. Continue reading Apple Stock Declines on News of 38 Percent Growth in Profits

Taylor Swift abruptly pulled her entire collection of music from the world’s most popular music streaming service Spotify earlier this week. The move comes just as her “1989” album went platinum, which has become almost unheard of in the music industry as album and digital download sales plummet. Swift has the money and exposure to sustain her brand without streaming, so like the Beatles, Beyoncé, and Thom Yorke and Nigel Godrich of Radiohead, she has snubbed Spotify. Continue reading Taylor Swift Joins the Ranks of Musical Artists Not on Spotify

Subscription music service Spotify introduced a new family plan that will allow subscribers to add up to four more Spotify accounts for half-price. Under the new plan, Spotify would charge $10 for the primary account holder and $5 for each additional account holder. Other streaming music services are also trying to lower prices as CD and download sales continue to plummet. Apple, which owns the Beats Music streaming service, is negotiating with record labels to cut prices. Continue reading Spotify Lowers Music Streaming Prices with Family Discount

Microsoft is joining Apple, Fitbit, musician will.i.am and others gearing up to offer new smartwatches. Microsoft’s wearable — a smartwatch that will track your heart rate, work across different mobile platforms, and run for more than two days of regular use before needing a charge — is expected to launch in the next few weeks. A name for the device or its retail cost is not yet known. Microsoft joins a growing field as the wearable tech market is forecasted to be worth $7.1 billion as early as next year. Continue reading Microsoft Plans to Debut New Smartwatch in Next Few Weeks

Warner Music Group’s artist and label services company WEA has acquired U.K.-based startup Playlists.net. The startup, which allows users to share, upload, and discover Spotify playlists, will still operate as a standalone company. Because the music charts in the U.K. now take streaming music into account, WEA could use Playlists.net’s platform to promote playlists with their artists or track data that could help predict up-and-coming artists or trends in music. Continue reading Warner Music Group Buys Music Curation Startup Playlists.net

Musician and tech entrepreneur will.i.am has introduced the PULS smartwatch in order to fill what he perceives as a void in a wearable market that does not adequately take fashion into account. At Dreamforce 2014, he presented PULS as a wearable that does not need to be tethered to a phone since it has its own SIM card. The device looks more like a cuff, and has speakers and a touchscreen display. PULS connects via Wi-Fi and has carrier partners for 3G — AT&T in the U.S. and O2 in the U.K.  Continue reading Will.i.am Unveils New Smartwatch with Streaming Music Service

According to the latest rankings from Product Hunt, an app that tracks what digital products are trending, teenagers are migrating from traditional social media outlets and spending more time with apps that help with productivity. Rather than spending most of their time on Twitter and Facebook (and its recently acquired WhatsApp messaging app), teens are turning to apps that involve photo sharing, streaming music, and productivity services related to areas such as to-do lists, online classes and résumé tutorials. Continue reading Products Teens Love: Facebook and Twitter Should Take Note

According to the Recording Industry Association of America, less than $3.2 billion in music sales was recorded for the first half of 2014, a 4.9 percent drop from the same period last year. While the growth of online streaming services continues to generate revenue for artists and record companies, it may not be enough to offset the reduction in sales of CDs and downloads. While downloads and streaming together totaled $2.2 billion (a similar total to last year), downloads dropped by 9 percent. Continue reading CD and Download Sales Drop as Music Fans Turn to Streaming

Deezer, a French subscription service available in 180 countries, announced its plans for availability in the U.S. In a partnership with Sonos, the company plans for a high-fidelity version called Deezer Elite. Deezer reaches five million paying subscribers in a model similar to Spotify, Rhapsody and Beats Music. However, Deezer plans to offer songs at a faster bit rate in order to create smaller file sizes for computer storing and transferring, and in the process attract a more affluent group of audiophiles.  Continue reading Deezer Plans to Bring High-Fidelity Elite Music Service to U.S.