Market Overview

Should Apple Music Be Afraid Of Spotify's New Hire?

Should Apple Music Be Afraid Of Spotify's New Hire?

Spotify, the popular on-demand music streaming app, just hired Lady Gaga's former manager, Troy Carter. The question investors are now asking is if Apple Inc. (NASDAQ: AAPL) should be worried, as the company struggles to gain market share in the rapidly growing and lucrative streaming music segment.

Granted, Apple's roster of music executives includes Jimmy Iovine, one of the biggest names in the music business and co-founder of Interscope Records and Beats Electronics, the latter of which was ultimately acquired by Apple for $3 billion in 2014.

On the other hand, Carter previously managed Lady Gaga, Eve, Lindsey Sterling, Charlie Puth, John Legend and Meghan Trainor. He also has an entertainment company called Atom Factory and is a shareholder of Spotify.

Related Link: Wunderlich Considers The Prospect For A Go-Private Deal By Skullcandy

According to Business Insider, it is not immediately known what Carter's job will be at Spotify. The publication did suggest that Carter will act as a "go-between" for the company and big-name artists on the platform.

Business Insider added that Spotify may make Carter a central figure in its company and bring him to the "forefront."

Meanwhile, Iovine's resume at Apple has been less than stellar. Specifically, his speech at the WWDC event in 2015 was "widely regarded as a disaster," and the executive may be "best-suited as a backroom operator."


Related Articles (AAPL)

View Comments and Join the Discussion!

Posted-In: Apple Music Atom Factory Beats ElectronicsNews Management Tech Media Trading Ideas Best of Benzinga