He also added that YouTube Music added more new subscribers in Q1 2021 than in any other quarter since it launched, although he did not provide an overall subscriber figure.
"I've seen this industry evolve from an audio business, to an audio-visual business, and now – as my friend Chuck D puts it – to a visual-audio business," the former Def Jam and Warner Music executive added in his letter. "As a visual-audio platform, our goal is to become the leading revenue generator for the music industry and to help artists around the world build a career making music. We are uniquely positioned to achieve this goal because YouTube monetizes the end-to-end music experience globally."
Earlier this year Spotify revealed that it had paid out more than $5 billion in royalties in 2020, underscoring its lead in the streaming music space.
That being said, as Cohen noted in his letter, YouTube also monetizes music through its massive ad-supported video platform, in addition to its subscription music and music video service. He added that the company is expanding its offerings for artists and labels, including direct ticket and merch sales, and virtual concerts.
This article was originally published by The Hollywood Reporter.