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| Logo of YouTube Music / Courtesy of YouTube Music |
By Dong Sun-hwa
Until a few years ago, Korean music streaming service Melon seemed to have no rivals in terms of market share, with its share nearing 50 percent in 2018, according to data tracker Nielsen Koreanclick. Yet, the rising influence of YouTube Music, a streaming service developed by global video sharing platform YouTube in 2018, is threatening its dominance.
According to big data platform Mobile Index, as of December, YouTube Music held the third-largest market share in Korea (19.22 percent), only after Melon (37.28 percent) and Genie (19.24 percent). The relatively new service, which began with a 1.7 percent share in 2019, edged out other homegrown platforms such as FLO (13.31 percent) and VIBE (4.08 percent).
It also saw a dramatic rise in the number of monthly active users (MAU). Its MAU was about 630,000 on Jan. 1, 2021, but the number spiked to 1.26 million on Dec. 1 ― a 97 percent increase in just a year.
The fact that the subscribers of YouTube Premium ― a paid membership service that enables people to watch YouTube clips without advertisements ― can get free access to YouTube Music is picked as a big contributing factor behind the platform's growing popularity.
"I came across YouTube Music after subscribing to YouTube Premium, and I am very satisfied with its services," a user commented on an online community. "I am particularly fond of its sound quality and its music recommendation system."
YouTube Music also offers a wide range of video music, such as live performances and cover song videos.
"For me, using YouTube Music is the best way to enjoy live performances that were only available on YouTube in the past," another user said. "The other streaming platforms do not have this kind of content."
Some others, however, point out that there is room for improvement, as the service currently does not provide the lyrics for many K-pop songs.
Asked about the platform's plans for 2022, a YouTube Music official told The Korea Times, Monday, that it will "continue to take part in different activities."
"YouTube Music has contributed to the growth of the Korean music industry and artists last year through our 'Artist on the Rise' program and 'Remastering Project,'" the official said. YouTube Music supported numerous up-and-coming artists with its "Artist on the Rise" program, and remastered old K-pop music videos and songs in cooperation with K-pop powerhouse SM Entertainment.
"This year, we will continue to perform different roles to expand our presence here."
Nevertheless, the competition among streaming services will still be tough in 2022, with many of them seeking to achieve a breakthrough with inventive strategies. Bugs Music, which had a 2.37 percent market share in 2021, will release a series of music dramas with its partners to create original content. Its first production, "Soundtrack #1," which stars singer-actor Park Hyung-sik and actress Han So-hee, is scheduled to premiere later this year.
Melon is preparing to enhance its music recommendation system based on users' personal data and Genie is set to showcase content that blends music and its audio services. The latter is also planning to kick off new businesses that involve artificial intelligence (AI), the metaverse and non-fungible tokens (NFT).
