Over the years, we all have depended on YouTube to source and search for all put favorite music. However, if things continue in their current direction, our search options might be heavily affected. YouTube has confirmed it is close to launching its music subscription service, while it is in the process of pulling down some of the biggest indie label acts in a dispute over payments. As per a recent post on music magazine Billboard, acts like Adele, Arctic Monkeys,Vampire Weekend and Beggars Group, who account for nearly 10% of all the music acts that feature on YouTube, are likely to be pulled down as the world’s largest video service has been unable to reach an agreement with the some of the leading independent labels.
Unable to agree on royalty terms, the giant video sharing service argues that they cannot let music remain on a free service without it being available as a paid service as that would mean disappointing its subscribers. YouTube executive issued a statement where they clarified their stand on this issue, stating that “We’re adding subscription-based features for music on YouTube to bring our music partners new revenue streams in addition to the hundreds of millions of dollars YouTube already generates for them each year”. YouTube also confirmed that they were testing the service internally and the launch date would be announced soon.
With internet giants YouTube entering the music streaming biz alongside other giants such as Amazon, the future spells trouble for smaller independent acts as we enter a new era in sound sharing and music distribution. Watch this space for more updates as we bring you the latest on this topic.
Source: Billboard
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