“The subscription model of buying music is bankrupt.”
Steve Jobs (2003)
The late founder and CEO of Apple, Steve Jobs was right about a lot of things, including predicting the Post-PC era and the death of Flash (though Apple helped). Jobs was also correct when he said in 2003 that the iTunes Music Store would “go down as a turning point for the music industry.” In February 2013, the 25 billionth song was purchased form the store. However, Jobs was wrong about digital music's evolution.
That same year Jobs told Rolling Stone that he didn’t think subscription-based music services such as Rhapsody would fly. “I think you could make available the Second Coming in a subscription model and it might not be successful,” Jobs said. Today, Spotify has more than 6 million paid subscribers who can listen to all the tunes they want for a flat monthly fee. The new iTunes Radio service will let you skip ads for a $24.99 yearly fee that ties into iTunes Match, but you won’t be able to stream your favorite tracks on demand.
Bonus: Steve Jobs also called 7-inch tablets “dead on arrival” in 2010. Oops.
More: Best Music Apps 2013