According to the latest UK research, young people are choosing the video-sharing site YouTube ahead of streaming services to consume music. A survey by BBC Radio One of more than 6,000 young people aged between 18 and 24 has found that 84% of respondents used YouTube to listen to music – well ahead of streaming sites including Spotify or radio and CDs.
“YouTube is now the biggest source of music for young people,” declared BT (the British multinational telecommunications services company) in its response to the survey. “More than eight in 10 young people are using YouTube as their primary source of music, ahead of physical CDs or even streaming from places like Spotify.”
UK consultancy Voxburner has found similar results. “Over three quarters (83 per cent) of 16-24 year olds use YouTube as a music platform rather than a video platform”, it says. “Just over half of respondents (56 per cent) said they used iTunes or the radio to listen to music, while 48 per cent use Spotify and 25 per cent use Soundcloud.”
Current figures comparing music consumption in Australia across the same platforms are unavailable, but what we do know is that YouTube is the fourth most viewed online social media channel for teenagers after Tumblr, Instagram and Reddit, and that a crowded online music sector is well due for a shakedown.
Says Chris Stott, chief investment officer at Wilson Asset Management: “In Australia, there are 16 different players in the market that offer music streaming services… with Spotify, Apple Music, YouTube, Google Play and Pandora leading the way. There are also some Australian companies, such as Guvera, competing for a share in a highly cluttered local and international market”.
The launch of YouTube’s new streaming music service, called Music Key, has been delayed until late 2015.