Ahead of Spotify's IPO, Apple says it's not in the music business 'for the money'

  • Apple's investments in the HomePod and Apple Music are aimed at "doing the right thing," CEO Tim Cook says.
  • You're right, we're not in it for the money," he says.
  • Cook also focuses on the health implications of music.
Apple Inc CEO Tim Cook is shown with TV personality James Corden and musician Pharrell during a taped comedy bit in this image shot from a projection screen during an Apple media event in San Francisco, California, U.S. September 7, 2016.
Beck Diefenbach | Reuters
Apple Inc CEO Tim Cook is shown with TV personality James Corden and musician Pharrell during a taped comedy bit in this image shot from a projection screen during an Apple media event in San Francisco, California, U.S. September 7, 2016.

Apple says it's not in the music business to make money. Instead, its investments in the HomePod and Apple Music are aimed at "doing the right thing," CEO Tim Cook said in an interview with Fast Company.

"You're right, we're not in it for the money. I think it's important for artists. If we're going to continue to have a great creative community, [artists] have to be funded," Cook said in the interview published Wednesday.

The comments come as Apple Music rival Spotify is trying to impress investors and raise money through a public offering. The offering will provide Wall Street a first look at exactly how the music streaming business is faring since Apple doesn't disclose specific revenue of its music business.

And given Apple's choice to employ its own giant cash wad to underwrite artists, investors might not go easy on Spotify when it goes public. The IPO is expected this quarter.

Cook also focused on the health implications of music, as the company looks more to incorporate fitness into its Apple Watch device.

"I look at my own life, and I couldn't make it through a workout without music. I don't go to the gym for the fun of it. You need something to push you, to motivate you, and for me, that's music. It's also the thing at night that helps quiet me. I think it's better than any medicine," Cook said.

For more on Apple's music bets, see the story at FastCompany.com