In the two years since Apple officially started generating revenue from its Apple Music platform, it has gained “well over” 30 million subscribers. At least 3 million of those subscribers came from the past three months.

Competitor Spotify has been picking up the pace with its acquisition rate — it most recently logged 60 million paying users last month. Industry veteran Jimmy Iovine thinks that even with the new cellular Apple Watch potentially driving subscription up, his Apple Music operation will need help from market forces such as changing how free streams and paid streams are counted and building and curating artist-listener relationships through catalogs and collections.

With regards to rumors about Spotify listing on an exchange, Iovine wasn’t convinced that a single-priority company will survive for long as a conglomerate.

I think [Spotify CEO] Daniel [Ek] is a talented guy and smart as all hell, but the margins are too tight. The costs are extraordinary. It’s going to get bigger and bigger and bigger, and the costs are going to get higher, not lower. Going into new countries means localizing everything. It’s going to cost a lot of money. They have a problem that [a diversified company like] Amazon doesn’t have.

About 30 million subscriptions to music streaming services reside in the US.

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