YouTube Launches Premium Music Service, Challenging Spotify and Apple
*By Alisha Haridasani*
After a series of stops and starts, YouTube will launch a music streaming service later this month to compete directly with Spotify and Apple Music.
The ad-supported YouTube Music will be available to users for free, and an ad-free version, YouTube Music Premium, will cost about $10 a month. There will be a mobile app and a desktop player designed to stream pre-programmed playlists, personalized music suggestions, live performances, and music videos, according to a [statement](https://youtube.googleblog.com/2018/05/youtube-music-new-music-streaming.html) from YouTube.
To consolidate its various video and music products, Google will include access to YouTube Music Premium for Google Play Music subscribers at no additional cost.
In addition to the standalone music product, YouTube is re-branding its music and video YouTube Red service as YouTube Premium. The ad-free subscription service will go from $10 to $12 a month, but it includes the new ad-free premium music service.
YouTubes official entry into the premium music streaming business has been a long time coming: More than 1 billion users a month already use YouTube to “discover new music.” A [study](http://www.ifpi.org/downloads/Music-Consumer-Insight-Report-2017.pdf) published in 2017 estimates that YouTube accounts for 46 percent of time spent online listening to on-demand music.
The leading premium music streaming service, Spotify, has 75 million paid subscribers and is expected to hit 96 million by the end of the year. Rival Apple Music [reportedly](https://www.hollywoodreporter.com/news/apple-music-hits-50-million-subscribers-1112018) has 50 million paid and free users.
U.S. stocks saw a jump in the final hour of Thursday's session, and ultimately closed slightly higher for the day. Tim Pagliara, Chief Investment Officer of CapWealth, joined Cheddar News' Closing Bell to discuss. "The markets have had to digest a lot of action from the federal reserve this quarter and it's affecting everything from mortgage rates to how they value stocks," he said.
The month of April is also known as financial literacy month, and Investopdia marked the occasion this year by surveying 4,000 U.S. adults - 1,000 each from Generation Z, millennial, Generation X, and baby boomer generations - to try to get a better sense of where each generation stands when it comes to their understanding of all things money. The survey found that while many Americans have invested in crypto, most have much more to learn about digital currency. Investopedia Editor in Chief Caleb Silver joins Cheddar News' Closing Bell to discuss.
Michael Cassau, Founder and CEO of Grover, joins Cheddar News' Closing Bell, where he explains how Grover is establishing itself in the tech marketplace with its subscription-based offering and how he plans to deploy the $330 million in new funding.
Christine Doig, director of product innovation at Netflix, joins Cheddar News to discuss the streamers interactive content and its new Two Thumbs Up feature.
As the Russian invasion of Ukraine continues, social media giant Meta said that it's using its technology to help the beleaguered nation Erin Egan, chief privacy officer, and Andrew Schroeder, vice president of research and analysis for direct relief, joined Cheddar News to discuss using data towards humanitarian relief. "Our goal with the program is to help organizations on the ground by sharing privacy-protected data sets to enable them to respond to crisis," Egan explained.