In recent news, YouTube has released their premium service, as well as YouTube music. This is due to having over 1 billion customers visiting YouTube to listen to music and watch music videos. However, we will need to consider the pros and cons of this service and question if it has come a little too late. Even though YouTube music is powered by Google, there are other music streaming services that strongly dominate this industry and have existed far longer such as Apple music and Spotify, not to forget Google play.
What makes YouTube music unique
As YouTube ventures into the music streaming market, they must make themselves unique as their competitors are fierce and very successful with how they attract and maintain customers, especially Apple. So, what YouTube has introduced is a recommendation section that will suggest a music playlist depending on your location. For example, If you are at the gym, it will suggest fast uptempo music. Another feature, is the recognition of natural language and lyrics to a song. For example, If you wanted to listen to Tracy Chapman’s Fast Car, you can type ‘driving, driving in your car speed so fast I feel like I was drunk’ and YouTube would be able to find the song. This is based on algorithms which functions as a type of ‘brain memory service’.
However, we must consider whether this is enough of a unique quality for them to stand out, especially because other companies operate similarly.
Additionally, this streaming service will cost £9.99 a month with only music videos being ad-free, and is almost replicating services that already exist.
Nevertheless, to avoid ads you will need to subscribe to YouTube Premium.
What Is YouTube premium And How Does It Work?
YouTube premium is an ad-free subscription service which allows for offline viewing and an increase in quality of viewing across Google viewing platforms.
Regardless of such features, is this enough to convince people to subscribe? Or will they go elsewhere?
The main issue for YouTube’s platform is that they are largely advertisement based, they are designed to promote and push content which results in large financial benefits for them. Will the subscription fees be enough to replace the financial loss surrounding the lack of adverts?
In comparison, Netflix for example, is much more affordable for streaming movies and TV series. Even though it does not offer music or offline streaming, it manages to accumulate a cult like following.
So, what can YouTube do to engage consumers and stand out from the crowd?
YouTube will need to establish a feature that is exclusive to their brand, and will need to market this exclusive option as the pinnacle of the service. In turn this will spread a high brand awareness and retain customer loyalty.
Altogether, the interactive nature of Youtube is an ingenious invention that has taken over the interactive world. Big fashion brands such as Chanel and Dior have channels, as well as the average Joe in his bedroom. All youtube music will have to do is find a niche in the market that will cater to its variety of consumers.