Alphabet Inc (NASDAQ:GOOGL) YouTube is starting to feel the threat posed by other music streaming services that continue to encroach on a niche it has controlled for years. Analytics provider BuzzAngle Music says streaming music delivered by Spotify, Apple Inc. (NASDAQ:AAPL) Apple Music, and Tidal grew by 108% in the first half of the year, underlining how the landscape is slowly changing. If the findings are anything to go by, then the Google owned platform could be in trouble as consumers switch their attention to audio music at the expense of video.
According to the research, firm people streamed 209.4 billion music related content during the first half of the year. More than half of those streams at 114 billion were in the form of audio plays. According to BuzzAngle, this marked; the first time that the likes of Spotify, Tidal and Apple Music have toppled YouTube among on music downloads.
Even though both formats of on demand music streams experienced growth, audio plays seems to be growing at a much faster rate than video music plays. Video music streams according to the analytics firm grew by 23% during the period compared to 108% for Audio music stream.
The robust growth does not in any way, mean that Audio is killing video star. However, it means that the format is making a comeback thanks to an increase in the number of platforms offering audio music services. The shift is also good for the music industry as artists will now be able to make more money for their content as people continue to consume more music.
YouTube in Trouble
Apple is spending big as it looks to recruit new listeners to its music service. The tech giant is also securing exclusives for artist’s albums underlining how far it is willing to go as it strives to make a name for itself in the music business. Spotify has also secured a $1 billion debt financing as it also looks to flex its muscle in the business, all in the effort of accruing a substantial amount of market share.
The Google owned video sharing platform may have to rethink its strategy going forward if it is to safeguard its market share in the industry given the ever-growing competition threat.
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