YouTube To Launch New Paid Music Streaming Service In March

YouTube To Launch New Paid Music Streaming Service In March

According to Shaw, the new service may help "appease record-industry executives who have pushed for more revenue from YouTube".

YouTube and Google has released a lot of music related products including Google Play Music, YouTube Music Key and the video-focused YouTube Red. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

Its Google Play Music service hasn't taken off as it hoped, and its ad-free YouTube Red subscription service hasn't even launched in the UK.

Slated to launch in March, Remix is YouTube's latest attempt to challenge popular streaming services like Spotify and Apple Music.

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis.

In order to break into the subscription service game at this stage, YouTube requires the cooperation of the three major labels - Warner, Universal, and Sony.

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"This transaction will allow both companies to benefit from the global growth of music streaming". Further compounding matters, Spotify and Tencent Music Entertaining Group today announced a joint equity arrangement where each company would hold a minority stake in the other, further cementing Spotify's position as the leading music service available today.

Independent label consortium Merlin is also close to getting on board, according to Bloomberg.

The search giant already owns the world's most successful video-sharing website, but its efforts to expand YouTube's reach have largely failed.

The decision to push YouTube as the face of Google's revised service follows internal restructuring earlier this year that saw much of the Play Music team moved over to work on YouTube-related projects.

YouTube didn't immediately respond to a request for comment.

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