The UK music industry has welcomed YouTube’s new subscription service as a “significant opportunity” for the growing streaming market.

It goes live on Tuesday (May 22) in the US, Australia, New Zealand and Mexico, with planned launches across Europe, including the UK, France, Germany, Ireland and Sweden.

While UK major labels and the BPI declined to comment, AIM’s Paul Pacifico said there was room for another platform to compete with Spotify, Amazon Music and Apple Music.

“We want to see ...