Stocks

September 2, 2021

Goodbye, Spotify?

Look out Spotify and Apple Music: there’s an unlikely music streaming service on the come-up. 🔥

YouTube’s paid music service, YouTube Music, now has over 50 million subscribers. While that figure might not sound super impressive, it makes YouTube Music one of the fastest-growing music streaming platforms in the U.S. For comparison, market leader Spotify had 165 million worldwide premium subscribers in Q2 2021.

YouTube Music’s launch in Jun. 2018 was by no means a spectacular one. The company, which has butt heads with the music industry for a number of years, failed to attract an audience at the start. However, the subscriber growth is one indicator that Google has a horse in the streaming race.

There’s two big asterisks, though: YouTube included YouTube Premium subscribers and users who are still on their free trials. The company also didn’t share the amount of revenue it was generating, nor the average revenue per user.

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