YouTube Music Is Closing on Spotify
Google's YouTube is closing on Spotify in the music game: "Google’s video site, YouTube now has more than 50 million paid subscribers to its music service as it competes with Amazon, Spotify and Apple. This is a major milestone for YouTube that has long been criticized by record labels and Hollywood studios for giving away their work for free Bloomberg reported."
The 50 million figure includes people paying for YouTube Music, customers for YouTube Premium, who get music as part of their subscription, as well as customers still on a trial basis. Launched in 2018, YouTube music is now the fastest-growing paid music in the world according to Midia Research, and accounts for about 8% of the world’s subscribers. Spotify is first by a wide margin. YouTube’s free advertising-supported business also makes it one of the largest media businesses in the world.