Youtube Is Officially Getting Into The Paid Subscription Streaming Game

YouTube reportedly plans to take on Spotify with a streaming music service next year

Youtube Is Officially Getting Into The Paid Subscription Streaming Game

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis.

Do you think Google needs a streaming Remix? Apple Music is now hovering around 30 million.

"This transaction will allow both companies to benefit from the global growth of music streaming".

According to top YouTube executive (and former WMG CEO) Lyor Cohen, the platform pays out $3 per 1,000 streams (or a $3 "CPM"). Bloomberg also notes YouTube has negotiations set up with Vevo - a popular video hosting service which is under the patronage of Universal and Sony.

YouTube could be considered one of the top 4 streaming platforms for music in the modern age - alongside Spotify, Soundcloud and Apple Music - but it's the only one of the group that doesn't have a paid subscription service for music.

Warner has already reportedly signed on a deal with Warner Music Group.

Independent label consortium Merlin is also close to getting on board, according to Bloomberg. To help oversee its music operations, the company hired Cohen previous year.

It's been quite a while since Google first admitted that it had plans to merge Play Music with YouTube Red back in July.

According to Bloomberg sources, it'll be a a paid streaming service created to placate the record labels who've been seeking more revenue from YouTube streams. Bad Romance by Lady Gaga or Baby by Justin Bieber are some of the most viewed videos of all time on YouTube.

YouTube didn't immediately respond to a request for comment. And given the chaos that is Google, they probably don't know either.

Latest News