Is Alphabet's YouTube Planning to Compete with Spotify and Apple Music?
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Version 0 of 1. Alphabet's (GOOGL) YouTube is bringing on a respected music industry veteran as it continues to search for ways to expand its share of the music streaming market. The video streaming services giant announced Wednesday that it had appointed Lyor Cohen as its global head of music. Cohen joins YouTube from 300 Entertainment, an independent record label company he founded in 2013 following an eight-year stint as the CEO of Warner Music Group. The hip-hop industry veteran was also pivotal in leading Def Jam Recordings in the '90s when the urban music-focused label was undergoing changes in ownership. YouTube is bringing aboard Cohen as it searches for ways to tap into the music streaming landscape in a meaningful way. "Music is definitely a big part of the YouTube universe," said Michael Goodman, director of digital media at Strategy Analytics, by phone Thursday. For instance, the San Mateo, Calif.-based company introduced a monthly-paid subscription service in 2014 called YouTube Red that offers advertising-free videos and music streaming for $10 per month. Alphabet and Apple are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL and AAPL? Learn more now. |