
YouTube announced on Wednesday that it had surpassed 80 million subscribers to its paid service worldwide, marking 30 million subscribers in a year for the platform, which is aiming to become a major player in the music industry, AFP reported.
“You’ve heard me say it before, and I’ll say it again: YouTube’s two growth engines — subscriptions and advertising — are serious business,” Lior Cohen, YouTube’s global head of music, said in a blog post.
The 80 million subscriber figure also includes users on free trials, he said.
A month earlier, the American platform announced that it had injected $6 billion into the music industry over the past 12 months. Last year, the company announced its ambition to “become the number one source of revenue for the music industry.”
Google’s free video platform offers two paid offerings, YouTube Music and YouTube Premium, which cost $9.99 and $11.99 per month, respectively, to enjoy videos ad-free, offline, and in the background (that is, with other apps open).
Since launching these offerings, “we’ve partnered with companies like Samsung, like SoftBank (Japan), Vodafone (Europe), LG U+ (Korea), and Google services like Google One,” Cohen said, emphasizing their “significant role” in reaching the mark of 80 million subscribers.
However, the platform lags far behind Spotify, the number one music streaming service with 195 million subscribers.
It will also face competition from Amazon, which announced earlier this month that it was offering its 200 million “Prime” subscribers free, ad-free access to a catalog of 100 million songs and flagship podcasts.
Apple has not disclosed the number of Apple Music subscribers since June 2019, when it said it had passed the 60 million paying users mark.
Source: Hot News RO

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