YouTube has revealed the high levels of paid subscribers during Q3. Alphabet CEO Sundar Pichai gave the update in an earnings call on the platform.
These new figures come as YouTube has added a number of new features to its platforms in recent months. Since the migration over from Google Play to YouTube Music, the company has worked hard to improve its product. These include the ability to hide liked videos in YouTube Music amongst others.
Like other social media platforms, YouTube has also had to take action against misinformation in the run-up to elections. One of the ways YouTube has done this is by adding labels to election videos. These will warn users that "Results May Not Be Final" to prevent the spread of inaccurate information.
In this earnings called Pichai talked about how the company was able to push big increases to the paid user base in the last few months and over the last year. This has come across in Premium, TV and Music platforms in a successful period for the company.
YouTube announces strong Q3 paid subscriber results
Pichai announced that YouTube now has 30 million, ad-free paying members and another million for the cord-cutting service. He said that in Q4 2019 YouTube Music/Premium has 20 million paying customers, as well as 2 million YouTube TV subscribers. The user base has grown by more than 3 million cord-cutting customers.
YouTube Music Premium costs $9.99. This provides users with ad-free playback, background streaming, and offline downloads. Users can also pay another $2 which extends all of these benefits to all video content across the site. It is also worth noting that YouTube TV reportedly has 1 million users as of March 2019.
However, compared to other similar streaming sites these numbers fall behind somewhat. For example, the Apple equivalent has 60 million subscribers as of mid-2019.
Spotify, however, leads both with 113 million way in front of other competitions. As a result, it is clear that YouTube has some way to go to compete with similar platforms.
This should not take away from what appears to be a very successful year for the company. YouTube Music is still a relatively new platform only launching in 2015 whilst the likes of Spotify begun in 2006.
It will be interesting to see how YouTube continues to grow over the next few years as the company places more focus on the brand. If it continues its rate of development it could provide some serious competition to the big boys fairly soon.