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Yes, this is for a revenue reason. If youtube supports 320kbps then spotify and all others will even take a huge hit. Also , this is one of the reasons, why youtube doesnt allow app makers to stream the audio alone, to work like a music player. Its officially in playstore and apple store blocked. But, 3rd party apps are availlable. I had one of them some time back on my Android phone, but then I felt insecure installing not from Playstore and deleted it. Cant find the name again ;(I think it can be more of a revenue issue. The record labels wont like YouTube giving us free content at audio cd sound
But yes it's a good business idea for youtbe to start a paid service .
But maybe not many takers for that and also the issue of what is free content (non copyright) , how to determine material is cd resolution
As it is we audiophiles are far less percentage wise for YouTube to bother