YouTube Music’s subscriber count is inching closer to the world’s most popular audio streaming service, Spotify.
As revealed in YouTube’s recent blog post, the streaming service has reached 50 million paid cumulative subscribers across its YouTube Premium and YouTube Music offerings. The 50 million figure also reportedly includes users currently under the one-month free trial.
“We couldn’t have reached this milestone without you, and we’re thrilled to continue building and growing our best-in-class subscription service together,” said Lyor Cohen, the global head of YouTube Music, in a recent blog post.
This is a significant increase from the 30 million members announced by YouTube in October of last year and indicates rising demand for YouTube Music, which costs $9.99 per month, and YouTube Premium, which costs $11.99 per month.
As of Q1, 2021, the global music streaming industry leaders are as follows (data courtesy of Midia Research):
- Spotify: 32 percent market share, 155 million subscribers
- Apple Music: 16 percent market share, 77 million subscribers
- Amazon Music: 13 percent market share, 64 million subscribers
- Tencent: 13 percent market share, 64 million subscribers
- Google: 8 percent market share, 38.9 million subscribers
- Netease: 4 percent market share, 19 million subscribers
According to Midia Research’s report, Google’s YouTube Music has been the standout story of the music subscription market for the past several years, connecting both in many emerging nations and with younger audiences throughout the world and was the fastest-growing music streaming service in 2020, growing by 60 percent.