YouTube Music and Premium Surpass 80 Million Paid SubscribersAs the music industry continues to thrive in the digital age, YouTube's Music and Premium services have become significant players in the paid music-streaming game. With over 80 million paying subscribers combined, up from 50 million just last year, YouTube has solidified its spot as the world's third or fourth-largest paid music-streaming service.
In addition to offering ad-free listening and the ability to play audio and video in other apps or even offline, YouTube has also made significant contributions to the music industry in terms of financial compensation. In the past three years alone, YouTube has paid over $50 billion to creators, artists, and media companies – with more than $6 billion going directly to the music industry between July 2021 and June 2022.
But it's not just about numbers for YouTube. VP of Product Adam Smith emphasizes that they've been dedicated to building a platform that caters to fans and artists for the past seven years. This includes finding solutions to challenges such as an abundance of choice for fans and the need for artists to generate likes, clicks, and subscribers in addition to creating music.
In short, with its constant efforts towards innovation and financial support for those within the industry, it's clear that YouTube is determined to remain a powerhouse player in the world of music streaming.
Photo Courtesy: Flickr.com (Ivan Radic) by Attribution 2.0 Generic (CC BY 2.0)