When Spotify was founded in 2006, nobody could have foreseen the monumental impact the streaming service would have over the coming years. Completely re-shaping consumer attitudes to the purchase of music, the site brought about a new era which provided a new form of revenue for artists.
After Apple launched its own streaming service in 2015, Apple Music, the two competitors continued to dominate the industry. Both Apple Music and Spotify are cited as aiding in the recovery of the music business, which has only recently started to grow again after a two-decade decline. Now, video streaming giant YouTube is reportedly gearing up to launch its own music streaming service, due to launch in March 2018.
YouTube’s new paid streaming service, dubbed ‘Remix’, will see the giant attempt to rival Spotify and Apple Music in the coming years. In the past, YouTube faced criticism from music industry leaders, as although music is one of the most popular genres of video on the site, they have come under fire for not compensating artists enough.
Owners of the site, Google, created their own music streaming service, Google Play Music which launched in 2011. The service is now sold as an ‘All Access’ joint subscription with YouTube Red, which allows users to watch videos without the presence of ads. Last year, YouTube hired Warner Music executive Lyor Cohen, to aid in their music operations, who came forward to make the announcement about the upcoming project.
With the new platform, ‘Remix’, YouTube is pushing forward to try and regain control of the music streaming industry. Major-label Warner Music Group has already signed on, which will no doubt open the doors for many other leading labels to do the same. Reportedly, YouTube are also in talks with Sony and Universal, which reveals that industry leaders have faith in the upcoming service, and point towards the platform becoming a huge success.
With Spotify having garnered a staggering 140 million users worldwide, and Apple Music with 30 million users, ‘Remix’ will certainly have to provide its users with something completely fresh and unique in order to compete, but with such high-profile backers, the future definitely looks bright, and only time will tell if the music industry is about to be taken over by another streaming heavyweight.