YouTube Music is on course to be the fastest-growing music streaming platform; no precedent reflects this run that it has been on for the past year. According to the latest insights from Kantar, in Q2 2024, YouTube Music was the most-adopted music streaming service, way ahead of even established giants such as Spotify.
According to Kantar's Global Strategic Insight Director, Craig Armer, the key to success is going to be amplifying relevant content personalized for younger or older listeners: "As YouTube Music leads in adoption and Spotify continues its growth, the ability to amplify the right relevant content personalized for younger or older listeners will be key." Younger audiences show more interest in recommendations that service algorithms generate, while older audiences use pre-made playlists.
The data, collected in Great Britain, the U.S., Australia, Germany, Spain, and France from April to June 2024, also showed a large increase in the general adoption of music services. However, there is still some untapped potential: while 85% of non-streamers demonstrated interest in adopting a streaming service.
According to Kantar, cost is the major adoption barrier: 42% of all respondents are not ready to pay a regular subscription fee. This makes the role of perceived value in attracting new premium subscribers across demographics very critical. For Gen Z, it's community influence that seems to drive this: 51% of Gen Z subscribe to a premium service in Great Britain, in contrast with just one-third of those aged over 55 in the United States.
Free trials still remain the ultimate tool in converting non-users into premium subscribers, the study revealed. Once these potential subscribers get a taste of the service, then satisfaction rates stay very high, said Armer. "Satisfaction, as measured through likeliness to recommend the service by users, is continuously high for premium services, seemingly unaffected by price rises over the last year.". For example, most of the premium subscribers of Spotify would definitely recommend the streaming service to their friends and family. This goes on to prove that once a service convinces non-users that their offer is worth paying for, they can turn into satisfied subscribers.
As YouTube Music continues on its meteoric rise, it becomes evident that this strategy of both personalized content and free trials onboarding does put the platform at resonance with a wide swath of users and squarely places it as a very credible challenger in the streaming landscape. As audio consumption continues to climb across the globe so does streaming revenues for artists, writers, and producers. If you are an investor looking for the best passive income ideas look no further than investing in music catalogs.
Investing In Music Royalties For Passive Income
If you are looking for one of the best ways to invest money to build wealth and create passive income, now you can do so on Royalty Exchange with music royalties investing. On Royalty Exchange you can sign up as an investor and search through thousands of music catalog listings that include producer and songwriter royalties to some of the biggest songs of the past few decades.
Songs from artists like Rihanna, Justin Bieber, and Kendrick Lamar are all available on the platform to purchase and receive future earnings from. The earnings from these catalogs are extremely stable so in times of economic and market uncertainty, investors are finding music royalties to be amazing passive income investments. If you are looking for one of the best passive income ideas, look no further than music royalty investing.
We’ve prepared this guide on Royalty Investing Made Easy to help you out.
At Royalty Exchange, you can choose from thousands of the most popular songs to invest in. We offer hundreds of catalogs that are up for auction today, so sign up as an investor to get started.
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