Don’t Go To Sleep On YouTube Music
There’s no question about YouTube’s position as a music discovery leader. Younger listeners flock to the social video service by the millions to play (and replay to death) the latest and greatest artists. But for all their success as a music aggregator, YouTube has had trouble converting these listeners to subscribers . . . until now.
Over the past year YouTube Music’s subscriber base has grown by 60% and now totals 15M subs worldwide. The pickup of subscribers has to do with YouTube’s strategy to combine its different streaming offerings – until recently their tiers have included YouTube Music, Google Play Music and YouTube Premium. By streamlining the offerings under the Premium banner they’re seeing more listeners embrace the paid service.
Despite their growth YouTube still has a ways to go to catch up with the subscription market leaders. According to the latest self-reported figures, Spotify has 100M worldwide subs and Apple has 56M. Up against those numbers YouTube’s 15M seems fairly light, but it would be a mistake to discount any Google-owned company in the streaming space.