Recent times have “fundamentally changed the music industry forever” according to the global head of music at YouTube, Lyor Cohen. With countless music concerts and festivals cancelled, people have consumed more music online. This provides new opportunities for advertisers to reach attentive, engaged audiences through music consumed online.
Driven by this, YouTube has launched an audio-only ad format which allows brands to target music and podcasts.
Some marketers are hesitant to target music content due to common myths such as people paying less attention to online music content as it is mostly played in the background. However, YouTube says more than 85% of music video viewing happens in the foreground.
YouTube’s small number of paid subscribers to YouTube Music and Premium (30 million) mean the bulk of their massive user base can receive ads. And with 50% of YouTube’s logged-in viewers who consume music doing so for at least 10 minutes a day, and more than two billion logged-in viewers watching a music video each month on the platform, there are compelling reasons for advertisers to challenge those myths.