According to estimates published in the IFPI’s Global Music Report, YouTube has attracted 46% of all music streaming listening time around the world last year (excluding China).
Among the interesting tidbits, music was majorly streamed on YouTube last year beating the streams on Spotify, Apple Music and all the other streaming platforms combined.
The figures also displayed that audio streaming platforms including Spotify and Apple Music made up a total of 45% of all listening, 1% behind YouTube’s figure. The remaining 9% of listening hours was attributed to other video platforms such as Vimeo and Vevo.
In a statement, a YouTube spokesperson said, “In the last 12 months alone, YouTube has paid out over $1 billion dollars to the music industry, just from ads and that number is growing year-over-year due to the licensing deals we have in place with the overwhelming majority of labels, publishers, and collecting societies.”
YouTube music use seems to be flattening out as gradually users get comfortable with streaming services, but it is still a major factor in music distribution. Though the big question is, what will happen when the service releases its new YouTube Remix service which is reported to launch later this year. As a result, the artists and labels will see more money coming their way.