Billboard reports that Youtube will be launching a brand new music service soon. Here are five fast facts you need to know.
1. The Service Will Focus On Videos
The streaming giant is working on this service which will be similar to Spotify. However, it will shift more towards video presenting a close challenger to Vimeo.
2. Spotify Is Expanding While Twitter Is Shutting Their Service Down
Arguably the biggest competitor for Youtube will be Spotify since they just expanded their service and received a new round of capital while Twitter is shuttering their music platform in preparation for their IPO. Once established, this could be a strong source of traffic/revenue for Youtube since music streaming platforms are very popular. An opening is beginning to form where Youtube can capitalize on this market.
3. It Has Plenty of Licensing Agreements To Build A Library
Obtaining the rights to air songs can be a difficult business. Fortunately, Youtube already has a licensing agreement ensuring the firm will be able to build a massive library of content whenever this is fully formed. Owned by Google, the same guidelines and restrictions involved with Google Play Music All Access works for Youtube so they will be able to incorporate videos and songs with ease into their system.
4. There Could Be A Free and Premium Tier
The subscription based service will be created with similar features like its competitors. There will be two sets of access for customers. Essentially, users can watch an unlimited amount of videos through their mobile devices. Commercials and pop-up ads are an integral source of revenue for some of these sites so the premium tier will help users to opt out. Free would have some restrictions such as a limit of music to listen too but the company still needs to reveal more information.
5. It Could Launch Later This Year
No name and exact release date are known but it could appear later this year. A possible launch date could occur at the company's first ever Youtube Music Awards. However, some outlets are writing that the intended unveiling could be December 2013.