YouTube may launch its own streaming music service in 2018

YouTube to launch a new Spotify rival, codenamed 'Remix', in 2018

YouTube may launch its own streaming music service in 2018

YouTube has plans to release a new paid music service next spring, Bloomberg reports citing anonymous sources familiar with the matter.

The new service could help appease record-industry executives who have pushed for more revenue from YouTube.

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.

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Tentatively called Remix, the platform has already secured rights from Warner Music Group.

According to the report, YouTube has already finalized a deal with Warner Bros Music Group and is now in talks with Sony Music Entertainment, Merlin (a label covering independent artists), and Universal Music Group. Music is one of the most popular genres of video on YouTube, which attracts more than a billion users a month.

Remix would be the latest attempt by YouTube to compete with streaming giants Spotify and Apple Music, following YouTube Music Key and YouTube Red.

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Alphabet no doubt wants a part of the growing music streaming market. That morphed into YouTube Red in 2016, letting users watch any video without advertising. At the moment YouTube is reportedly also in talks with a number of artists.

Vevo is majority owned by Universal and Sony.

YouTube has always been seen as one of the biggest obstacles for musical artists and labels, seeing as it's a go-to site for streaming free music.

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The Google/Alphabet company is keen to launch "Remix" in March, but is reliant on getting these licensing deals over the line.

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