Spotify and Pandora shares fall as YouTube announces new music streaming service

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Shares in music streaming companies fell as US markets opened on Thursday after YouTube introduced plans to launch its personal streaming service.

Shares in Spotify dropped greater than 2.5 per cent, whereas Pandora fell 2 per cent. Apple, which affords Apple Music, dipped greater than zero.four per cent. The Google-owned video platform will introduce YouTube Music on Tuesday 22 Might.

Google goes toe-to-toe with Spotify and Apple Music with YouTube Music

“The times of leaping forwards and backwards between a number of music apps and YouTube are over,” YouTube product managed Elias Roman stated.

“Whether or not you wish to pay attention, watch or uncover, it’s all right here. YouTube Music is a brand new music streaming service made for music: official songs, albums, hundreds of playlists and artist radio plus YouTube’s great catalog of remixes, reside performances, covers and music movies you could’t discover anyplace else – all merely organised and personalised.”

The group is planning to supply a free ad-supported model off the service, whereas a paid membership of YouTube Music Premium for $9.99 a month – the identical value as an Apple Music or Spotify subscription.

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The service will roll out from subsequent Tuesday within the US, Australia, New Zealand, Mexico and South Korea, and develop over the approaching weeks. There are plans to launch in Austria, Canada, Denmark, Finland, France, Germany, Eire, Italy, Norway, Russia, Spain, Sweden, Switzerland and the UK.

Plans for YouTube’s streaming service have been first introduced final yr, when it emerged that the group was in talks with various main file labels searching for assist for the brand new enterprise.

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