At the end of the third quarter, YouTube Music offered up encouraging numbers. The official statement claims that the streaming music service has 50 million paying subscribers.Compared to the third quarter of 2020, YouTube’s music service had 30 million subscribers, added between YouTube Premium and YouTube Music Premium.
YouTube Music’s subscriber rate increased in the last quarter
Google shares these figues traditionally at the end of each quarter. According to the report published, the 50 million subscribers mentioned are split between YouTube Music Premium and YouTube Premium in its most comprehensive plan, which eliminates advertising from all videos. This number includes consumers who use the paid services during a trial period.
This achievement, according to the report mentioned above, is attributed to Lyor Cohen, who has led YouTube’s music efforts for the past five years. He has prior industry experience working with Run DMC, Beastie Boys, and early Kanye West, and it is noted that he was instrumental in developing the subscription-based business model they now use.
He also negotiated commercial deals with Sony, Warner, and Universal Music, three of the world’s top record companies. This concentration a large portion of the worldwide commercial music catalog
To estimate the scope of these excellent statistics for YouTube Music, we should look at other services’ stats as a reference. During the second quarter of 2019, Spotify boasted 165 million subscribers. Amazon has over 63 million subscribers and Spotify, on the other hand, reports having 78 million.
Given that Spotify has been in business since 2008, Apple Music in 2015, and Amazon Music in 2016, given that it only entered this market during 2018, YouTube Music’s growth may be evaluated as accelerated.
Despite the minimal optimism with which it was greeted by industry critics, as opposed to the not particularly encouraging background left by Alphabet’s previous forays into this sector, YouTube Music, a new platform that has been rapidly rising in popularity over the last year, is beginning to show figures that suggest it may compete more closely with other streaming music services.
