Published: Fri, December 08, 2017
Hi-Tech | By Grace Becker

YouTube Is Planning to Launch a Paid Music Streaming Service, Report Says

YouTube Is Planning to Launch a Paid Music Streaming Service, Report Says

The giants of the industry like Spotify and Apple Music have secured a safe spot, gathering a huge number of subscribers and active users.

According to Bloomberg, which cites unnamed sources familiar with the matter, YouTube's paid service is slated to roll out next March and Warner Music Group is already onboard. The company has already penned down details with Warner Bros.

Vevo is majority owned by Universal and Sony.

YouTube hasn't had the same success as Apple or Spotify in convincing people to sign up for its paid music services, though it's not for lack of trying.

It is interesting to note how YouTube will market its service.

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Having a streaming music service is all the rage these days for major companies. YouTube is also presently in talks with Sony Music Entertainment, Universal Music Group and the Merlin Network of independent labels.

At this point, it's unclear what the new music service will mean for YouTube Red, the company's other paid offering.

Though the music industry had hoped Red would be devoted to music, YouTube has positioned it as a home for original video projects like science-fiction comedy "Lazer Team" and a reboot of "The Karate Kid". However, there has been no final statements registered as to what the service will be called.

The platform, codenamed "Remix", will reportedly bring together an on-demand Spotify-like paid audio service with video clips. Apart from this, the company has also been reaching out to artists to market its service when it is launched.

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