YouTube Reports Having 50 Million Premium and Music Subscribers
YouTube Premium and Music together crossed the subscriber base of 50 million as per the latest analytics reports. The company has noticed a remarkable increase of 20 million subscribers since Dec 2020. The Alphabet-owned company was launched as YouTube Red in 2015 and rebranded to YouTube Premium in 2018, specialized in offering music streaming services both on a free and paid basis.
The Alphabet-owned company says it is focused on “creating experiences at the intersection of watching, listening, and engaging that is only possible because of YouTube’s diversity of voices.” YouTube started offering free music streaming and downloading along with the ad-free experience. As the platform’s popularity started increasing, various brands made YouTube their ad campaign platform and began dropping their ads in between the videos to grab viewers’ attention.
At later stages, YouTube initiated offering premium subscriptions so that users can listen to videos without ads in a podcast-like format even when the phone is locked. The unique offerings of YouTube Music and Premium captured the emerging markets and began the all-new era of streaming. As per Lyor Cohen, Global Head of Music at YouTube, “We see impressive growth in countries like Korea, India, Japan, Russia & Brazil where music is a top passion.”
YouTube Music Premium costs $9.99 a month and allows users to listen and download ad-free music. YouTube Premium goes for $11.99 a month and gives subscribers access to all of the benefits of YouTube Music, with the ability to also download and watch regular videos ad-free.
As compared to other subscription-based music services, including Spotify having over 165 million subscribers, Apple Music has 78 million subscribers; YouTube became the fastest-growing of all. Though Google didn’t advocate the major cause of the increase of subscribers, but plenty of multilingual videos, budget-friendly services, and intuitive interface can be the reasons behind the success story and ever-growing subscribers of YouTube.
The parent company, Alphabet, explored different options to gear up their music-related services last decade, but unfortunately, none of them worked. However, since the rolling out of YouTube in June 2018, the parent company finally found out the trigger points of customers who are willing to pay for music. As per the Media Research, YouTube is the fastest-growing paid music service and now accounts for about 8% of the world’s subscribers.
YouTube’s free advertising-supported business already makes it one of the largest media businesses in the world. YouTube reported advertising sales of $7 billion in the most recent quarter, up 84% from a year ago.