Scary news for those who don’t feel YouTube is paying music rights-holders enough: it’s the biggest music streaming service on earth, and it’s growing faster than Spotify or any of its rivals.
That’s according to MusicBusinessWorldwide analysis of the latest market stats out of the UK and US, which show that YouTube increased its market share of total on-demand streams in the first six months of this year on both sides of the Atlantic.
The majority of this growth was down to YouTube (plus Vevo and other video services), which saw a stream volume increase of 109.2% to 76.6 billion.
Audio on-demand streams across services such as Spotify, Rdio, Rhapsody, Beats Music and more increased 74.2% to 58.6 billion.
Interesting to note that the rate of growth of both these categories has significantly accelerated in the past six months.
Between H1 2013 and H1 2014, total US audio on-demand streams were up 60.5% to 78.6 billion.
At that stage, video streams were growing slower than audio, up 49.3% to 85.3 billion.
Main takeaway: video streaming services – a market hugely dominated by YouTube – are currently outperforming their audio competitors, both in terms of volume and in terms of growth.
Of course, it helps that YouTube remains completely free; one of Spotify’s biggest bugbears when it comes to the likes of Taylor Swift quitting their service.
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