Yesterday, it was reported by Complex that former CEO of Warner Music Group and founder of 300 Entertainment, Lyor Cohen, would be leaving his current role with 300 Entertainment for the position of Global Head of Music with YouTube.
YouTube and it’s music team are in the midst of creating a similar music streaming service to Spotify, Tidal, and Apple Music. Which is why Cohen’s transition from 300 Entertainment will be beginning sooner rather than later, and according to sources should conclude by December 2016.
Cohen’s outspoken personality, and reputation has made him into one of the most recognizable executives in the music industry. This is exactly what YouTube is after, considering the streaming platform and artists alike haven’t been on the best of terms in recent years.
Earlier this year, the RIAA released an article that did not hold YouTube in favorable light, and individually called them out for their “meager” revenue compensation to the music industry. While other streaming services such as Apple Music, Tidal and Spotify, have been engaged in heated competition over the last couple of years, in 2015 YouTube alone is responsible for 50% of music streamed. This undoubtedly makes YouTube the most used platform for streaming music in the world, and could make for one game-changer of a streaming service.
According to a letter written to YouTube’s music team, Cohen illustrates 3 points of focus for his new position:
First, helping the music community embrace the technological shifts we’re seeing in music today so we can help take the confusion and distrust out of the equation.
Second, building on the great work you all have done to help the music industry and creative community break new songs and artists to YouTube’s audience of over 1 billion fans. From building on the success of the YouTube Music app, to shining a light on emerging artists, I believe our potential to strengthen the industry is massive.
And third, I hope that together we can move towards a more collaborative relationship between the music industry and the technologies that are shaping the future of the business.
With the aggressive expansion of streaming services within the last decade, its no surprise YouTube wants a piece of the pie. What is surprising however, is that it has taken them this long. This could be a chance for YouTube to approach the platform differently from the competition and ultimately change the rigid and war-torn arena that is music subscription services.
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