(Updates to include Google's comment in the last paragraph.)
Alphabet's (GOOG, GOOGL) Google has proposed to launch a cheaper video-only YouTube subscription plan in South Korea to resolve antitrust concerns, Yonhap News reported Tuesday, citing the country's Fair Trade Commission.
The new YouTube Premium Lite will not include the music streaming component and will cost 8,500 South Korean won ($6.15) per month for Android users and 10,900 won for iOS users, nearly half the price of its existing premium plan, which bundles both video and music streaming features, the report said.
Google also said it will freeze prices for both YouTube Premium and YouTube Lite plans for at least one year and establish a 15 billion won fund to support the country's music industry.
The FTC said it will gather feedback on the proposal through Aug. 14 before taking any action, Yonhap reported.
Google confirmed to MT Newswires that it plans to launch YouTube Premium Lite in South Korea within 90 days of receiving FTC approval.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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