In a dramatic market twist, more people made the switch from YouTube to Spotify and Apple Music in in 2016 in terms of paying for music streams in the US. This piece of information came from none other than BuzzAngle in its latest data released on Wednesday.
“We at BuzzAngle Music are proud to release our first-ever yearly report, on 2016 U.S. music consumption. 2016 was another successful year in music, with overall consumption rising 4.2% over 2015, marking the second year in a row with solid growth,” the opening statement on the BuzzAngle website said.
BuzzAngle, a trusted market monitor, showed in its 2016 report that digital video music streams grew by just 7.5% in the year that just ended. This is in contrast to audio on-demand services, which witnessed an upsurge in streams on both Spotify and Apple Music, which grew by 82 percent from 137.29 billion in 2015 to 250.73 billion in 2016, reports Music Business Worldwide.
The stats show that audio on-demand services have overtaken digital video; though the latter witnessed a growth of 7.6 percent in 2016. The 2016 Year-End Report revealed some interesting facts that point us to the future of audio on-demand services. In the US alone, overall music streams experienced 82.6% to total 250 billion growths.
Compared to Spotify and Apple Music’s growth of 82.6 percent, YouTube only experienced a low 7.5 percent growth in total digital video streams.
While the report says a lot about YouTube’s dwindling fortune in terms of dominating the video streaming market, it doesn’t indicate the end of the Google-owned video website. However, it does signal a big shift in terms of what consumers want to enjoy as the video streaming business continue to expand. Despite its many challenges [including massive competition from Facebook, Snapchat, Spotify, and Apple Music], YouTube still holds a lot of attractions to musicians who continue to upload their music videos for the world to see.
Spotify, Pandora and Apple Music have definitely come to stay; but their growth won’t mark the gradual decline not will it mark the end of YouTube. As a matter of fact, YouTube has the capacity, and all it takes is for the Google-owned website to make a couple of changes and give the likes of Apple Music and Spotify a run for their money.
Regardless of its dwindling fortune, YouTube still holds a lot of appeal to people out there. The video streaming website for example, still offers affordable services, skippable ads, and ease of use even for a novice. It’s very easy to find your way around YouTube if you are visiting the website for the first time; it’s features are so easy to navigate even for a greenhorn.
On a brighter note, it shows Google’s dominance is being challenged by a group of new players who are here to stay. It’s no longer Google’s call when it comes to music streaming; and this sounds like good music in the ears of musicians and content owners.