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As long as Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG)’s got your data, it might as well use it.
The company is leveraging its cache of consumer information to build out YouTube Music, a streaming platform offering audio and video recommendations based on listening patterns, location and time of day.
Why It’s Important
YouTube Music intensifies already high pressure in the streaming industry.
Pandora Media Inc (NYSE:P) fell as much as 2.7 percent, Spotify Technology SA (NYSE:SPOT) 2.8 percent and Apple Inc. (NASDAQ:AAPL) 0.4 percent on news of the direct competition.
The existing environment finds Pandora ceding listeners, Spotify suffering high churn for its premium tier, and the entire cohort bracing for potentially detrimental changes to federal royalty laws.
What’s Next
The offering will launch May 22 in the U.S., Australia, New Zealand, Mexico and South Korea with subsequent expansion into 14 other markets. Consumers can access the platform in a free, ad-supported version and a $9.99 premium version, and an extra $2 opens up all YouTube Premium.
Related Links:
Apple Music: How Does It Compare To Spotify?
Morgan Stanley Takes Bullish View On Spotify, Says User Base Could Reach 200M By 2022
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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