YouTube has passed the 50 million registered user mark for its Music and Premium services. The free and paid variant of the music service now together form the fastest-growing player on the market, calculated research agency MIDiA.
“Our combination of advertising and subscriptions puts us well on track to achieve our goal of becoming the music industry’s number one in revenue,” said Lyor Cohen, Head of Music at YouTube and YouTube Music, presenting the numbers… He reiterated that YouTube has already paid out four billion dollars to artists and other rights holders in the industry in the past year.
A major asset of Google subsidiary YouTube is that it has both a video service and a music platform à la Spotify. “By using both channels, artists and content creators can give their fans the best possible experience. There is room to comment on the music and even to cover or remix. No other platform offers fans so many opportunities to explore the repertoire of their favourite artists,” said Cohen.
As an example, the CEO cites the release of the music video Industry Baby by Lil Nas X and Jack Harlow. Fans were able to watch the clip premiere on YouTube and immediately got a load of extras, such as the lyrics, explanations from the artists about the meaning of the song and the possibility to create a YouTube Short – a custom, shorter version of the video.
YouTube also said that its music streaming service is “growing impressively” in countries such as South Korea, India, Japan, Russia, and Brazil without giving exact numbers.