Apple Family Sharing question!!
If my wife and I choose apple family sharing, do we lose all our old music that we downloaded (also playlists etc) from our private accounts?
iPad Pro, 14
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no, and you can hide/keep items private if you want to.
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Share purchases with the whole family
When you set up purchase sharing, the songs, albums, movies, TV shows, books, and apps purchased by family members are immediately available to everyone else in the group. So are new purchases. The content automatically appears in the Purchased page in the App Store, the iTunes Store, or Apple Books for each family member. Just select the family member whose collection you’d like to browse, then download or play the content you choose. Other family members can access your collection in the same way. If you want to keep some purchases private, you can choose to hide individual items or choose not to share your purchases in your Family Sharing settings. All new App Store, music, movie, TV, and book purchases made by your family are billed to the organizer's account. Learn more about how purchase sharing works and what you can share with your family.
For children in the family, just turn on Ask to Buy and the family organizer can review and approve downloads. Learn more about Ask to Buy.
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other details here: https://support.apple.com/en-us/HT201060