Google to Launch New YouTube Music Service in March

Google to Launch New YouTube Music Service in March

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

Bloomberg reports that the YouTube team is in the process of launching its own music streaming service in March 2018 and that the company has already nailed down at least one major label deal to make that a reality. YouTube is also presently in talks with Sony Music Entertainment, Universal Music Group and the Merlin Network of independent labels. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

Youtube is reportedly planning to launch a paid music streaming service that would compete directly with Spotify (spotify) and Apple Music, and go a long way toward appeasing record executives who complain the site takes too big a bite of their revenues. Earlier this year, Goldman Sachs predicted in its Music in the Air report that the streaming music market would grow to $28 billion per year by 2030, and Google will certainly want a large slice of that pie.

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What do you think of the idea of a YouTube music streaming service? YouTube Music Key came along in 2014, giving subscribers ad-free music videos. As well, it is believed YouTube has reached out to artists for help with promotion.

Making things a little spicier is the fact that music channel Vevo's contract with YouTube reportedly requires re-negotiation early next year.

YouTube hired former Warner Music executive Lyor Cohen past year to help oversee its music operations and serve as a liaison to the record business.

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