YouTube Music presented positive figures at the close of the third quarter of the year. According to an official report, the streaming music platform reached 50 million users subscribed to its payment services.
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 increased its subscriber rate in the last quarter
Bloomberg was one of the first media to echo the report with these figures that Google shared, as it traditionally does at the end of each period. According to his report, the reported 50 million subscribers are split between YouTube Music Premium and YouTube Premium on their most comprehensive plan, which removes ads on all videos. This figure also counts users who use the paid services during a trial period.
In the aforementioned report, this milestone is blamed on Lyor Cohen, who has led YouTube’s music initiatives for five years. It is noted that he has extensive experience within this industry, working in previous periods with Run DMC, Beastie Boys and the beginnings of Kanye West. Cohen is pointed out as the architect of the implementation of the subscription-based business model they use today, which was not dominated by Google before its arrival. In addition, this executive is credited with establishing commercial agreements with Sony, Warner and Universal Music, three of the largest record labels in the world, which account for a large part of the international catalog of commercial music.
To measure the scope of these positive figures for YouTube Music, in Financial Times shared some benchmark statistics. Spotify reported 165 million subscribers during the second quarter of this year. Apple Music had 78 million subscribers and Amazon Music, 63 million. Considering that Spotify has been operating since 2008, Apple Music in 2015 and Amazon Music in 2016, YouTube Music’s growth can be evaluated as accelerated, given that it barely broke into this medium during 2018.
YouTube Music, a young platform that ended up replacing Google Play Music during the past year, begins to show figures that position this service as an increasingly close competitor to other players in the streaming music sector, despite little optimism with which he was greeted by industry critics, in the face of the bleak record left by Alphabet’s old forays into this field.