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

CREDIT Google

CREDIT Google

There are quite a handful of companies competing against each other in the music streaming industry.

Paid services from Spotify and Apple Music have spurred a recovery in the music business, which is growing again after nearly two decades of decline.

YouTube has plans to release a new paid music service next spring, Bloomberg reports citing anonymous sources familiar with the matter. Only Warner has already signed on for the service, according to the report.

Vevo is majority owned by Universal and Sony. Google combined both the YouTube Music and Google Play Music teams in February, and Google CEO Sundar Pichai had told investors earlier this year that the company planned to unite its music experiences under one roof. The platform has been known for the provision of free music for a long time.

Tentatively called Remix, the platform has already secured rights from Warner Music Group. However, there has been no final statements registered as to what the service will be called. Talks with Sony and Universal, as well as Merlin-which represents hundreds of independent record labels-are apparently underway.

More than 1 billion users visit YouTube each month and music industry executives say the service does not pay enough to compensate them for the loss in revenues. Nonetheless, we will find it out in the coming days as the launch nears. The new service would incorporate certain YouTube elements, including video, in a Spotify-like format. Apart from this, the company has also been reaching out to artists to market its service when it is launched.

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