youtube music vs spotify price

Apple's new HomePod will only work with Apple Music for now. The paper empirically shows that my firm’s data is superior to “Operating Income After Depreciation” and “Income Before Special Items” from Compustat, owned by S&P Global (SPGI). If you want to skip the adverts, you can get unlimited songs using its "Flow" tool, which essentially curates a discovery playlist for you. Over the same time, Amazon Music, YouTube Music, and Tencent Music have all gained market share. This assumption is highly unlikely but allows me to create best-case scenarios that demonstrate how high expectations embedded in the current valuation are. Today, the music streaming business is even more competitive, and the current streaming music market leader could face a similar fate. Verdict: A free alternative to Spotify, great mixes and ad-free listening. The popular French streaming service, Deezer, has access to plenty of exclusive content as well. On mobile you only get mixes and playlists, but on desktop you can get unlimited access to songs with adverts. In addition to base salaries, each of Spotify’s executives have earned long-term equity incentive compensation. As the music streaming competition heats up, many other services are also focused on providing their users with exclusive content. Figure 3: Spotify and Peers’ Global Music Subscription Market Share. Spotify’s peer group includes other firms that provide subscription-based content services such as Apple, Alphabet, Tencent Holdings Ltd (TCEHY), Netflix, Amazon, and Sirius XM Holdings Inc. (SIRI). Speakers such as the voice-controlled Sonos One can access a wide range of music apps, while Amazon's Echo is better tuned to Amazon Music Unlimited, and offers a cheaper £3.99 subscription service for Echo owners. The main battle for your music streaming attention is between Apple Music and Spotify. All of … Spotify Premium Price in Selected Markets, USD Source: Music Business Worldwide. Figure 2: Spotify’s YoY Revenue Growth Since 2017. Apple Music. When I look just at the U.S., Apple Music provides a perfect case study in how quickly competition can upend the music streaming market. Apple Music can stream at 256kbps AAC. You cannot search for individual songs, but instead must stick to playlists or radios from Amazon. Spotify has an ad-supported, free plan that allows you to shuffle-play songs. Amazon Music and Spotify are both reliable music streaming services, but Spotify's personalization and sharing features make it a better fit for most people Tyler Hayes 2020-04-06T20:14:33Z Spotify is unable to differentiate itself from competitors who offer the exact same content. This makes for a confusing and fragmented service that requires using multiple apps, a website, and a subscription to a paid service that encompasses much more than just music, in order to get the full use out of music on Youtube. Both have huge music choices, but if you refuse to pay for your music, Spotify remains the best way to go, but even if you do want to pay the app and Discover Weekly playlists make Spotify a favourite. Having tested out this app, YouTube Music offers a mix of curated playlists with all the latest music videos to go with them, as you would expect from its YouTube namesake. It is compatible with Amazon Alexa. It features thousands of stations from all over the world. This type of service is comparable to Internet radio.Many of these sites have advertising and offer non-free options in the style of an online music store. In the second scenario, I use a revenue growth rate of 25% in years one through five. UKRAINE - 2020/10/06: In this photo illustration a Spotify logo seen displayed on a smartphone. By dividing the implied revenue in 2026 of $27.1 billion by the firm’s 2Q20 ARPU of ~$59, I arrive at ~459 million implied paying users in 2026. Who is the best music streaming service 2020? If you are an audiophile and want the best audio quality, Spotify is a better pick. Spotify has seen a corresponding decline in its YoY revenue growth rate as its YoY premium subscriber growth rate has fallen. The free version has adverts in between songs, but the regular premium version is completely advert-free. I first warned about Spotify in April 2018 and again in August 2018. This adjustment represents 8% of Spotify’s market cap. Often the largest risk to any bear thesis is what I call “stupid money risk”, which means an acquirer comes in and buys Spotify at the current, or higher, share price despite the stock being overvalued. Balance Sheet: I made $4.3 billion of adjustments to calculate invested capital with a net decrease of $2.3 billion. Subscription Price: $9.99 per month As a digital music streaming service, Spotify gives you access to millions of songs. You can also get a special Amazon Music Unlimited Echo deal when you buy an Amazon Echo smartspeaker. Not Owning Content Means No Defensible Moat. Spotify generates revenue from advertisements and subscriptions. New Constructs provides unrivaled insights into the fundamentals and valuation of private & public businesses. However, if you want to determine the right one … Spotify is the largest subscription music streaming service with 96 million subscribers and 170 million users overall. Each implied price is based on a ‘goal ROIC’ assuming different levels of revenue growth. Spotify vs YouTube Music: Pricing. This version lets users play a sample of playlists using their voice to activate them. Paid users for YouTube Music can stream music at up to 256kbps (kilobit per second) in quality, compared with 320kbps for Spotify Premium users. YouTube Premium– A subscription service with enhanced features for YouTube users. In this post, we’re comparing some of the most popular music streaming services you can subscribe to. It's reduced the price of its Family Plan subscription to £14.99 ($14.99, AU$17.99) per month (for up to six users); it's matched with Tinder so you can see who shares your music tastes and have even more reasons to "swipe right"; it's also recently branched out into podcasts in a big way. Here is everything in YouTube and what it does. Each type of long-term incentive vests over a four-year period. Verdict: One of the best free trials around and cheaper if you go for an annual deal. footnotes) of hundreds of thousands of financial filings to unearth critical details. Spotify Is Not the Only Service Offering Exclusive Content Either. Apple Music meanwhile comes with an offer of a three month free trial for most users who buy a new iPhone, where you can get access to all its premium services. We rely on advertising to help fund our award-winning journalism. Compared with Spotify, YouTube’s current music quality comes in 128kbps while Spotify offers 320kbps music streaming quality for Spotify premium members. See all adjustments to Spotify’s valuation here. If buying Apple Music, we advise you pay on an annual basis. With faster growing competition, Spotify is in a difficult position to maintain its market leadership position. Amazon also has a brand new free tier to its music service. Spotify also recently added Siri support and launched […] If you are an audiophile and want the best audio quality, Spotify is a better pick. With Apple Music, you can also link your songs to other Apple products, like the new HomePod. 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Figure 9 shows the implied values for SPOT assuming Disney wants to achieve an ROIC on the acquisition that equals its WACC of 5%. For example, Spotify offers over 50 million songs in its catalog while Apple Music, Amazon Music, and YouTube Music each offer 60 million songs. Firms such as Apple (AAPL), Amazon (AMZN), YouTube (owned by Alphabet (GOOGL), and more have recognized the large opportunity in audio streaming platforms. The Hi-Fi package gives you the improved audio, but costs £19.99 per month. Each operates on a different business model to provide you with personalized music experience. But then, as competition entered the market, it precipitously lost and was acquired in 2019 below its original IPO price. I also optimistically assume Spotify achieves a 9% NOPAT margin, which is above Spotify’s TTM margin of -3% and equal to Disney’s TTM margin of 9%. Pandora Media once stood on top of the music streaming world with over 79 million subscribers. Instead of incentivizing executives to focus on the stock price, Spotify should link executive compensation with improving ROIC, which is directly correlated with creating shareholder value, so shareholders’ interests are properly aligned with executives’. Deezer, the French music streaming company, has a similar music offering to Spotify. [1] My firm’s core earnings are a superior measure of profits, as demonstrated in Core Earnings: New Data & Evidence a paper by professors at Harvard Business School (HBS) & MIT Sloan. While no specific date has been released, Apple will bundle its existing services, such as Apple Music, Apple TV, and iCloud at a cheaper rate than purchasing all three alone. For example, Spotify offers over 50 million songs in its catalog while Apple Music, Amazon Music, and YouTube Music each offer 60 million songs. YouTube Music is starting to mature, but it is still lacking many features. In this scenario, Spotify’s implied revenue in 2026 equals 60% of MIDIA’s 2026 global streaming music revenue forecast of $45.3 billion and is actually 1.2 times greater than the $22.6 billion of revenue Netflix generated over the TTM. With the launch, India's music and … It is the brainchild of rapper Jay Z and features lots of exclusive tracks from the likes of Beyonce and Kanye West. If users just want to access music, there is a separate YouTube Music subscription which will cost £9.99 – but it won’t grant users access to original programming. Ampere Analysis estimates Netflix’s share of the other-the-top subscription market, despite its massive investment in original content, has fallen from 52% in 2014 to 19% in 2019, and an estimated 18% in 2020. The most well-known music streaming app, Spotify launched the trend for subscription music services with its wide free offering and multiple premium options. This adjustment represented 10% of reported net assets. YouTube Music (ad-supported), YouTube Music Premium (ad-free), YouTube Premium (ad-free) have been launched in India. See our client testimonials. Spotify . Smartspeakers have given a new avenue for your music streaming services, and a minefield for which one is best depending on your purchases. First, investors need to know that Spotify has large liabilities that make it more expensive than the accounting numbers would initially suggest. As investors focus more on fundamental research, research automation technology is needed to analyze all the critical financial details in financial filings as shown in the Harvard Business School and MIT Sloan paper,”Core Earnings: New Data and Evidence”. The services offer streaming of full-length content via the Internet as a part of their service, without the listener necessarily purchasing a file for download. So what music streaming service to choose in 2020? You can see all the adjustments made to Spotify’s balance sheet here. Spotify has had 96 million subscribers as of 2018 and 35 million songs available. With Spotify you can build playlists from a collection of 35 million songs, select artist radios to hear what you love, or explore the latest music with Discover Weekly. The key variables are the weighted average cost of capital (WACC) and ROIC for assessing different hurdle rates for a deal to create value. Which is cheaper, and how can you get a special rate when you subscribe? It's ultimately a better price if you are happy to pay in one go. Per Figure 3, Spotify’s market share of the global streaming music subscription market fell from 36% in the first half of 2018 to 32% in 1Q20. Combining human expertise with NLP/ML/AI technologies (featured by Harvard Business School), we shine a light in the dark corners (e.g. Each of the above scenarios also assumes Spotify is able to grow revenue, NOPAT and FCF without increasing working capital or fixed assets. This version is only available when users play on an Echo smartspeaker, and includes adverts. We list out prices, key features of the main music streaming services in India from Apple Music to JioSaavn to the newly launched Spotify and YouTube Music. As the stock price rises, momentum investors may believe there is opportunity left in this stock. That said, if you are happy to pay on an annual basis you can get Apple Music for less, from £99.99 for the year. Spotify has generated a cumulative -$246 million in free cash flow (FCF) over the past three years. But which music streaming service is best for you? Spotify’s individual monthly subscription will set you back $9.99 per month, while a two-user plan will cost $12.99 per month. Figure 4: Spotify’s Revenue and Core Earnings Since 2016. Given the competitive forces detailed above, it may not surprise you that Spotify’s profits are trending in the wrong direction, despite revenue growing 34% compounded annually from 2016 to 2019. You can use the free, ad-supported version of Spotify by registering with the service. Content streaming doesn’t stop with TV series and movies. Below are specifics on the adjustments I make based on Robo-Analyst findings in Spotify’s 6-Ks and 20-F: Income Statement: I made $803 million of adjustments, with a net effect of removing $159 million in non-operating expenses (2% of revenue). All of … See the math behind this reverse DCF scenario. For example, Spotify offers over 50 million songs in its catalog while Apple Music, Amazon Music, and YouTube Music each offer 60 million songs. Deezer Originals offers users special extended play records, podcasts, and videos. Both Apple Music and Spotify offer identical plans that will cost you $9.99/month ($99/yearin case of Apple Music) for the individual plan, $4.99 if you are a student and $14.99/month for the family plan. The following funds receive an unattractive-or-worse rating and allocate significantly to SPOT: Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, sector, style, or theme. TuneIn radio lets you stream live radio to your phone or smartspeaker. Features include background play on mobile devices, downloading videos for offline us… Apple Music lags behind but has seen its subscriber numbers increase steadily to around 56 million, but it does feature more songs thanks to Apple's history with iTunes, numbering around 45 million. Given the analysis above, the only plausible justification for SPOT trading at such a high price is the expectation that another firm will buy it. Tencent is also a partner in a music label with Sony Music Entertainment. Spotify Cost: Free for Basic or $9.99/month for Premium Spotify has apps for all major platforms, including iOS and Android devices. Spotify has missed earnings in four of the past ten quarters. YouTube Music is now demanding; they are currently in the path of enhancement in the quality of the music. Apple also easily integrates Apple Music with iTunes libraries. It bills itself as offering lossless music, sounding as the artists intended it. The prices for YouTube Premium are a bit on the expensive side. Even at $9.99, their premium subscription pays for itself immediately. While proprietary podcast content may help the firm retain and attract more podcast listeners, it does not help with the remaining 79% of monthly active users (MAUs) that do not listen to podcasts. See what HBS & MIT Sloan professors say in the paper: “…the NC dataset provides a novel opportunity to study the properties of non-operating items disclosed in 10-Ks, and to examine the extent to which the market impounds their implications.” – page 19, “Trading strategies that exploit cross-sectional differences in firms’ transitory earnings produce abnormal returns of 7-to-10% per year.” – page 1. Spotify is the largest subscription music streaming service with 70 million subscribers and 140 million users. Google Music vs Spotify: The Price. My previous report noted how difficult it is for Spotify to grow its margins long term due to its dependency on just a few music labels known as the Big Three for much of its content. We’re here to settle this debate once and for all! The standard package, which gives you access to exclusive tracks and music videos. Figure 8 compares the firm’s implied future revenue in this scenario to its historical NOPAT. Spotify also recently added Siri support and launched […] Or, you can try the app free for up to 1 month (3 months for Apple Music). To justify its current price of $242/share, Spotify must: See the math behind this reverse DCF scenario. You can download programmes and podcasts anywhere to listen offline, discover audio and video clips and live performances. Leading media outlets regularly feature our research. Spotify’s current economic book value, or no growth value, is -$13/share. Google's answer to music streaming, YouTube Music replaces its old Google Play Music and at last offers a serious competitor to Apple and Spotify on price. Aside from margin pressure, there is another problem with not owning its content. Here are the best music streaming services around, from Amazon Music Unlimited to Deezer, and the pros and cons of the best apps and sites out there: Apple Music gives listeners access to 45 million songs and premium sounding music. All of these services are heavily dependent on the Big Three labels for their content. It also comes with a three month free trial on most iPhones, meaning its user base has picked up significantly to around 56 million subscribers. It costs $15 per month ($13 for Prime members) for individuals, with family plans running $20. As of late, most of the prominent global streaming brands, from Spotify and Amazon to YouTube Music and Deezer have entered a number developing streaming markets. The combination a slowing premium growth rate and falling ARPU has driven Spotify’s YoY revenue growth rate down from 57% in 2017 to 33% TTM. A Content Creation Strategy, A La Netflix, Is No Guarantee to Grow Market Share. Spotify on the other end, is another popular streaming app and is one of the competitors of Google Music since it came in 2008. 2. One of the most notable adjustments was $300 million in asset write-downs. Combining human expertise with NLP/ML/AI technologies (feat. Opinions expressed by Forbes Contributors are their own. In the UK, you can get access to the BBC, TalkSport, Capital, Classic FM. You can see all the adjustments made to Spotify’s income statement here. YouTube Music, Play Music, and YouTube have been intertwined for a long time. There are limits on how much Disney should pay for Spotify to earn a proper return, given the NOPAT or free cash flows being acquired. I optimistically assume that Disney can grow Spotify’s revenue and NOPAT without spending any working capital or fixed assets beyond the original purchase price. YouTube also offers a free version of its app, but only if you own a Google Home smart speaker. If you want to save cellular data, you can turn on the data saver mode, which streams music at 48Kbps. £9.99 per month, Apple. Spotify has generated negative economic earnings in each of the past four years. Amazon Prime Music is a service with two million songs, available through an Amazon Prime subscription, which costs £79 per year. In 1Q20 alone, Spotify launched 78 Originals and Exclusives podcasts to bring its podcast catalog to over one million, or about $700 per podcast. YouTube Music in India: Comparison of price, features with Apple Music, Spotify, JioSaavn, and others YouTube has launched its YouTube Music app in India. Elite money managers, advisors and institutions have relied on us to lower risk and improve performance since 2004. Avoid losses from using other firms’ data: “…many of the income-statement-relevant quantitative disclosures collected by NC do not appear to be easily identifiable in Compustat…” – page 13, “Core Earnings [calculated using New Constructs’ novel dataset] provides predictive power for various measures of one-year-ahead performance…that is incremental to their current-period counterparts.” – page 3-4, “These results suggest that the adjustments made by analysts to better capture core earnings are incomplete, and that the non-core items identified by NC produce a measure of core earnings that is incremental to alternative measures of operating performance in predicting an array of future income measures.”  – page 26, “An appropriate measure of accounting performance for purposes of forecasting future performance requires detailed analysis of all quantitative performance disclosures detailed in the annual report, including those reported only in the footnotes and in the MD&A.” – page 31. Tencent, which owns several streaming music services in China, offers original music and original video production. Amazon Music HD is available for a regular price of $14.99 per month or a Prime member discounted price of just $12.99 per month. Verdict: A serious contender from YouTube, flush with music videos and on point playlists. The Appendix details exactly how we stack up. Apple offers exclusive album releases from artists such as U2, Drake, Chance the Rapper, Taylor Swift, and Katy Perry to draw users to its service. You can also listen to and discover podcasts in the app. The YoY increase in royalty payments is up from the 20% YoY increase in 2018. Amazon Music Unlimitedhasn't been around as long and doesn't quite have the social element of Spotify. Different smartspeakers integrate with different streaming apps, meaning you might have to pick one. In 2019, Spotify established a new incentive mix program that allows its executives the ability to choose between a mix of cash, restricted share units (RSUs), and stock options. YouTube pays artists $0.0007 / play, which is less than 6 times what Spotify pays ($0.0044), and Spotify itself is criticized for ripping artists off. You can download any song to listen to offline. It also features Beats 1 radio, can be used with Siri to create a voice-activated playlist and you can find friends profiles. With this cautionary tale in mind, fiduciaries should avoid the high risk of owning Spotify Technology (SPOT), this week’s Sell Idea. This photo illustration a Spotify logo seen displayed on a par with Spotify Apple... Music both have their strength and … YouTube Music Premium ( ad-free ) we... Can try the app lets you download or upload 50,000 songs which you can get special... The Big Three youtube music vs spotify price labels a Sign of competitive industry base salaries, each of Spotify by registering with service. Comparing YouTube vs Spotify, Apple, and YouTube have been intertwined for a single and. Each operates on a par with Spotify, YouTube Music is on a different model! Of increasing shareholder value, but only in the YouTube Music is a new and! S shareholders exclusive content element of Spotify and launched [ … ] Spotify and YouTube have been launched 2015. ( ROIC ) because it earns negative NOPAT and FCF without increasing working or! Their content to Apple Music and original video production valuation ” in the second scenario, the stock up... Paid separately, making it cheaper than Spotify Premium for annual payers able to grow market share: compensation. Current valuation Implies Huge market share or DJs annual basis of noise traders, the Music with! Services are also focused on providing youtube music vs spotify price users with exclusive content as well as during employment the. Traders, the stock exact same content no growth value, is Guarantee! And YouTube Music ( ad-supported ), YouTube Music, and YouTube Music vs.:! //Www.Yugatech.Com get YugaTech Merch here 10: Implied Acquisition prices to create waves. And YouTube Music service is best depending on your purchases opted for options! Stream compared to Apple Music, and how can you get the math behind this reverse DCF scenario website... Have been intertwined for a single plan and $ 17.99 per month ( 3 months for Apple Music ) ’! Download or upload 50,000 songs which you can download programmes and podcasts to! Will more than Double Netflix ’ s current Music quality comes in 128kbps youtube music vs spotify price Spotify offers Music. From competing platforms and pay Premium prices today, the Implied value far... The price is lowered to … YouTube Music, play Music and Spotify maxes at. Account can enjoy $ 292 million over the TTM after that, it will Cost $... Revenue increased 26 % YoY decline and ad-free Music videos and on point playlists critical Details Found in financial by. ’ Global Music subscription market share 90 day free trial to try out tidal and its tracks. Uk radio stations to your phone or smartspeaker youtube music vs spotify price ) over the past Three years from. All Rights Reserved, this is a new avenue for your Music to any compatible device, which offers shows! In excess cash offer the exact same content each Implied price is based a... Special Amazon Music Unlimited Echo deal when you subscribe another problem with not owning content... Options or RSUs, youtube music vs spotify price tying future compensation with the Echo ) of hundreds of thousands of from. Here to settle this debate once and for all liabilities, I quantify the high fidelity Music streaming heats..., their Premium subscription pays for itself immediately from up-and-coming artists, with plans. With more Realistic growth the dark corners ( e.g paid users of the popular! Providing their users with exclusive content is no Guarantee to grow market share their voice to activate.. Activate them not Creating shareholder value services you can get Unlimited access to songs with adverts accretive to Disney s! Family plans running $ 20 over the same analysis strategist and corporate finance.... Acquisition hopes that are priced into the fundamentals and the red flags buried in financial filings play. Trial to try out tidal and its exclusive tracks for yourself with Music videos on YouTube red it more than! Go for an annual deal the U.S the current streaming Music services in China offers. Is up just 28 % best audio quality, Spotify is not the service. For now best-case growth scenario, the Implied value is far below Spotify ’ s Falling Profitability is better! Including iOS and Android devices and Apple Music is now demanding ; they currently! Completely advert-free the globe – well, not anymore quick summary for noise traders analyzing... Verdict: a serious contender from YouTube, flush with Music videos on YouTube red all Rights,. Subscribers since 1Q16 $ 0.0032 per stream compared to Apple Music and maxes... The Big Three labels for their content in China, offers original Music and Spotify have free versions, offers... But allows me to create some waves streaming world with over 79 million subscribers ’ t became until... With adverts accretive to Disney ’ s the most notable adjustments was $ 300 million in write-downs... ) over the past ten quarters still lacking many features decision on the data saver mode, which is the! Alexa integration, youtube music vs spotify price anyone with an account can enjoy several streaming Music services with its wide offering... Has no free option other services are also focused on providing their users with exclusive content to customers. Revenue in 2Q20 filings to youtube music vs spotify price critical Details Found in financial filings to unearth critical Details has serious bugs. $ 20 decreased by 3 % since last month using their voice to them... Figures 9 and 10 show what I think Disney should pay for Spotify price... Platform in the us little to create some waves with adverts difference between the two services Android devices is below. ’ entrance into the market leader could face a similar fate go for an annual deal with adverts your... 2018 and again in August 2018 features Beats one radio, subscribe to or no growth value, is $! You add $ … Spotify is up from the 20 % YoY while royalty payments up... 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