YouTube is working on a ‘channel store’ for streaming services
YouTube wants to be your one-stop-shop for content.
YouTube is reportedly working on a ‘channel store’ where users can purchase subscriptions for different streaming services. The new service will look and function like a streaming services marketplace.
This much was revealed by the Wall Street Journal. The publication stressed that the channel store has been in the works for nearly 18 months and that it may go live as early as this fall.
YouTube currently allows its own subscribers to customize their viewing experience by adding external streaming services from select partners. It also allows you to buy or rent movies.
YouTube’s new streaming services marketplace
Although YouTube has yet to officially confirm or debunk the news, insiders familiar with the matter told WSJ that the company is currently in talks with potential partners.
It is also rumored that YouTube is negotiating a revenue-sharing formula with its potential partners.
The video giant is leveraging the fact that since most people discover new videos via trailers on its platform, it makes sense to offer them the ability to buy them in-app.
By reducing the number of platforms and steps to purchase, users will likely spend more for a hassle-free experience.
Also, participating platforms can still continue to offer their services on their respective platforms.
The streaming space gets steaming hot
Starz CEO, Jeffrey Hirsch tells WSJ that a streaming services marketplace creates a better experience for users, gives providers exposure, and increases customer loyalty.
The new channel store is coming at a time when the streaming space is becoming more competitive. For instance, TikTok recently filed a patent for TikTok Music; its own music streaming service.
Similarly, Spotify recently launched its own ticketing website where it sells live event tickets directly to customers.
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