YouTube Music broke the 50 million subscriber mark in less than a year.
Good terms of service are never free. So, if the users want to listen to music without ads, a paid subscription can solve the problem. YouTube’s global head of music, Lyor Cohen, said the service has more than 50 million subscribers. This number includes trialists but not free. Interestingly, last October the number was 20 million lower than it is today.
Despite the huge success of YouTube, Spotify is the market leader in the world, with 165 million paying subscribers. The second place goes to Apple Music, with 60 million subscribers announced in June 2019. Next come Amazon Music, and its 55 million paying subscribers; the last update of this information dates from January 2020.
The growth of YouTube Music is linked to the increase in the number of subscribers in South Korea, Japan, Russia, India and Brazil. âWe have outstanding products in YouTube Music and YouTube Premium that provide truly unique value for artists and creators and the best experience for music fans and video enthusiasts.â Cohen wrote on his social media.
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Yet when YouTube first started working with record companies, it faced criticism related to copyright issues and low royalty rates. Nevertheless, in collaboration with other leading platforms, such as Universal Music, Warner Music, Believe and Hybe America, YouTube made the music service successful.
“It is indeed excellent news for artists and labels to better monetize their content” Believe CEO Denis Ladegaillerie told Variety.
Listening to music on YouTube without ads and being able to download it costs $ 9.99 per month. Or, to watch ad-free videos and download them in addition to music, it costs $ 11.99.
YouTube Music has been around since 2018 and now has 8% of subscribers worldwide. Although its competitors overtake the platform, YouTube plays a crucial role in promoting the music industry. As Cohen mentions, the platform has paid out $ 4 billion to the music industry in the past year. Additionally, it has paid over $ 30 billion to over 2 million video producers via merchandise and ads in the past three years.
YouTube therefore seems to support the music industry a lot. “Ã
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Sources: Variety.com, Musicbusinessworldwide.com, Blog.youtube.com
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