Consumers have long used YouTube as a roundabout way to listen to their favorite music (regardless of whether or not they're interested in the accompanying video), so Google's YouTube Music is a new platform that gives the people what they want. The service is being positioned as a premier streaming service, with both a free and a paid subscription tier.
Google's YouTube Music is structured in a similar way to competitors like Spotify. There's an ad-supported tier that will be completely free to use, and the paid version will be ad-free. The paid subscription service for YouTube Music is slated to start at a cost of $9.99 per month. What separates the platform from competitors is that it has the power of YouTube built in, with music videos integrated into the app.
Video-Sharing Music Streaming
Google's 'YouTube Music' is a New Music Subscription Service
Trend Themes
1. Ad-supported Music Streaming - Opportunity for brands to reach a wider audience through targeted ads on free music streaming platforms.
2. Paid Music Subscription Services - Potential for innovative features and exclusive content to attract and retain paying subscribers in the highly competitive music streaming market.
3. Integration of Video and Music Streaming - Possibility for seamless integration of music videos and audio streaming within a single platform, offering a more immersive music experience.
Industry Implications
1. Music Streaming - Opportunity for music streaming platforms to diversify their revenue streams and reach a wider user base through ad-supported and paid subscription models.
2. Digital Advertising - Potential for targeted advertising through ad-supported music streaming platforms to reach engaged and diverse audiences.
3. Entertainment - Possibility for the convergence of video and music streaming to create new entertainment experiences and capture user attention in a competitive market.