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Apple Music TV Launches In US With 24-Hour Video Livestream

support@smarteranalyst.com (Ben Mahaney)
·2 min read

Apple (AAPL) has now launched Apple Music TV in the US, a free 24-hour curated livestream of popular music videos, reports Variety. It can be accessed via the Apple Music app and the Apple TV app.

According to a statement from AAPL the new service will also feature “exclusive new music videos and premiers, special curated music video blocks, and live shows and events as well as chart countdowns and guests.”

The service kicked off with a top 100 all-time countdown of the most-streamed songs in the U.S. on Apple Music, says Variety.

On October 22, Apple Music TV will have a special “all day Bruce takeover” in advance of the upcoming “Letter to You” Bruce Springsteen album, along with an interview from Zane Lowe, and a livestream fan event. Following this, on October 23, two exclusive videos will be released (PT, Joji’s “777” and Saint Jhn’s “Gorgeous”) with new videos debuted every Friday.

The launch of Apple Music TV follows Apple’s recent unveiling of refreshed flagship iPhones as well as a new smart speaker called HomePod Mini. (See AAPL stock analysis on TipRanks)

Following the launch, Oppenheimer analyst Andrew Uerkwitz said that “The new batch of iPhones are upgraded with stronger cover glass, new SoC, 5G connectivity, and improved camera and display specifications.”

Uerkwitz believes that pricing of the newly launched models are “more reasonable this year, with meaningful upgrades (display, storage, camera, 5G) without price hikes.” As a result, the analyst reiterated his Buy rating and a price target of $125 (7.8% upside potential).

Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 24 Buys, 8 Holds and 3 Sell. With shares up over 58% year-to-date, the average price target of $123.5 implies upside potential of a moderate 6.5% to current levels.

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