The announcement was made last week in a newsletter from YouTube’s global music director Lyor Cohen, who singled out markets like South Korea, India, Japan, Russia and Brazil as having recorded impressive growth.
The platform has added more than 20 million subscribers from the 30 million users reported in October. In July, Spotify said its global Premium subscriber base grew to 165 million in the first six months of 2021, while Apple Music’s latest update in June 2019 put its subscribers at 60 million.
“We have outstanding products in YouTube Music and YouTube Premium that provide truly unique value for artists and creators and the best experience for music fans and video enthusiasts,” Cohen said. “We are in our own way. There is no other place where fans can have uninterrupted access to the largest and most diverse catalog of music, artists and culture. We empower music fans to take things a step further and find their stuff, whether it’s on YouTube or the YouTube Music app.
The president and CEO of Universal Music Group, Sir Lucian Grainge, also weighed in on the news. “Our pioneering deal over three years ago with YouTube laid the groundwork for their subscription commitment that led to the launch of YouTube Music,” he said. “Today, this approach has been more than validated as their service has passed the milestone of 50 million subscribers. “Congratulation to [YouTube CEO] Susan Wojcicki and her team for this important achievement.
Meanwhile, YouTube Music now has over 80 million songs available on its platform, according to a recent Google blog post. The milestone means the platform has a larger song catalog than Spotify and Apple Music, which have 70 million and 75 million tracks, respectively.
According to a MIDiA report, Google’s streaming services experienced the fastest growth in 2020 with a 60% increase. YouTube is the world’s largest music streaming service in terms of overall users and the more than 2 billion people who specifically consume music on the platform, based on a survey of key markets.
YouTube is also becoming an important source of revenue for the music industry. In June, the company claimed it had paid the industry more than $ 4 billion in the previous 12 months. The figure, which represents 20% of the platform’s advertising revenue, is expected to increase in the future. The company recently released strong second-quarter advertising revenue figures, when it generated $ 7 billion, an increase of 83.7% from the $ 3.8 billion reported in the same period of the year. last.