Will YouTube become the music industry's biggest funder tomorrow?
The Google subsidiary announced last week that it had paid $6 billion to the music industry over the past twelve months, between July 2021 and June 2022. That's an additional two billion in the space of a year.
And double what YouTube donated in 2019.
The online video giant alone now accounts for almost a quarter of global music revenue, which last year totaled $26 billion.
However, it is not the first funder of the sector.
In 2021, Spotify paid music rights holders $7 billion, up from $5 billion in 2020.
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But the Swedish music service now finds itself in YouTube's crosshairs.
"
We want our two engines, advertising and subscriptions, to become the number one source of revenue for the music industry by 2025
," said Lyor Cohen, global head of music...
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