Fortune Magazine reports today that YouTube is working on a streaming music service. If true, this report would make a good deal of sense. YouTube is the number one place people tend to go to when searching for music or seeking to watch a music video. Fortune claims to have gathered this information from a reliable Google source, though nothing has been confirmed at this time. If YouTube were to offer streaming music through the site, there would likely be two different options.
The first option would include a free streaming music subscription paid for by advertisements. The second option would include a paid ad-free subscription. There are some other details surfacing today about the new YouTube streaming service too. While nothing official has come from any YouTube rep, this news is interesting for a variety of reasons. Here is what is known thus far.
What YouTube Streaming Service Would Look Like
The new YouTube streaming service would look a lot like Google Play, it seems. Right now, Google Play users can play, store, and purchase tracks through the service. In the future, YouTube streaming service subscribers may be able to play, purchase, and store tracks on the site as well. It’s hard to get record companies on board with the free subscription model, though.
Record companies like to make money, and that’s hard to do with a subscription model that’s free. Then again, most users would be happy to pay for a streaming music service that comes without any advertisements. So, that might be one way for YouTube and record companies to co-exist. Of course, YouTube will be competing with a slew of streaming services that are already enjoying a large amount of success.
Competition is Fierce
Pandora, Spotify, Soundcloud, and many other streaming services currently hold most streaming subscriber attention. Is there room in the streaming sphere for another service? Can YouTube break into the streaming market? YouTube certainly already has a following of its own, so it wouldn’t be a huge stretch for the company. Also, offering subscribers a free service is definitely going to entice some consumers looking for streaming service options.
Presently, over 800 million people visit the main YouTube site. That’s quite a large following already. Even those people who don’t want to pay for a streaming service won’t be bothered by ads if it means free streaming. Again, YouTube hasn’t confirmed anything, but a YouTube rep has stated that the company is not against a streaming service of this kind. So, it seems that Fortune has gotten this story right, and that a YouTube streaming service may surface within the next few weeks or months.
It will be interesting to see how the new YouTube streaming service shapes up. As soon as there’s more information about YouTube’s newest venture, I will keep you posted. For now, you can use YouTube largely as a free music service, though streaming continuous songs is difficult, and you do have to put up with some pesky ads!