Are songs purchased from the apple store considered yours?
It seems that even if you paid for the song, it really isn't yours if there are changes with the application down the road.
Is this correct?
iPhone 12 Pro Max, iOS 14
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Even if all of Apple's software disappeared tomorrow you can continue to play them with any player supporting AAC. Maybe in 30 years you might have difficulties, just like trying to find a cassette player these days.
Music from the early days of iTunes does require Apple software for playback but you can upgrade it to non-DRM by subscribing to Match or Apple Music.