YouTube is looking to take on the music industry and is developing musical talent through an initiative called “Foundry”, reports Bloomberg. According to the report, YouTube is in talks with peers in the music industry to discuss closer collaboration. So far, in the meetings, YouTube has discussed better ways to promote artists by through music videos.
The report added that Foundry workshops have taken place with up-and-coming music artists in Los Angeles and London and YouTube will stream their live sessions later this week. Music Business Worldwide adds that YouTube will likely make available its video production and post-production resources, YouTube Spaces, for artists to shoot videos.
Music makes up more than 30 percent (paywall) of videos watched on YouTube. Recently, music label T-Series crossed 10 million subscribers on its main channel on YouTube, with an overall 7.7 billion video views The company currently owns 16 channels on YouTube with overall 13.6 million total subscribers and 30 billion views.
YouTube Music: In November 2015, YouTube launched an app called YouTube Music with an aim to increase its dominance in the online music videos space.YouTube Music is free and ad-supported, but users can also sign up for a YouTube Red subscription which will remove ads on the app and allow streaming of songs in the background.
It’s worth noting that YouTube had also launched an initiative called YouTube for Artists earlier this year. The streaming giant also introduced a data tool called Music Insights which would give artists YouTube views insights on their videos.
Saavn original shows: Meanwhile, competitors such as Saavn in India announced nine original audio shows on its platform. The company mentioned that it plans to charge higher ad rates for these shows, and eventually, put some of the original content behind paywalls. In May 2015, Saavn launched a new series of live acoustic shows and interviews with popular international and Indian artists dubbed Live@Saavn. The artists would be hosted at Saavn’s Mumbai headquarters and the company planned to produce videos of the live sets that would be made available on YouTube.