YouTube Premium is ranked as a must-have source by 75% of users, a fraction of a percent behind Spotify, as reported by Hub Intel. The two platforms are followed by YouTube, YouTube TV, and YouTube Music.
In May 2023, YouTube was the second most likely to be rated a ‘must have’ by users 18 to 34 (just behind Spotify). The remaining three spots were taken by Apple Music, PS Plus gaming subscription, and Netflix. By May 2024, YouTube claimed 3 of the top 5 spots (and Netflix had been bumped from the top 5).
“These results are a reminder that number of subscribers isn’t a proxy for engagement,” said Jon Giegengack, principal at Hub and one of the study authors. “YouTube Premium has far fewer users than Netflix, for instance. But more of those who use YouTube Premium find it to be indispensable. As the streaming entertainment market matures, keeping existing users is a higher priority than attracting new ones. And ‘must have’ sources are less likely to be canceled.”
“The most recent findings also show the growing role that YouTube is playing in the entertainment ecosystem,” added Mike Durange, co-author of the study. “YouTube TV, YouTube Premium and YouTube Music don’t have the scale of the original YouTube. But those who do use them find them very valuable. Plus, there are almost unlimited opportunities to grow these secondary platforms by marketing them to the massive number of people using YouTube itself.”
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