According to Bloomberg‘s sources, YouTube is planning to introduce a paid music service in March.
Internally referred to as Remix, this will mark the third attempt by parent company Alphabet Inc. to compete with Spotify and Apple Inc. The new service is said to include Spotify-like on-demand streaming while incorporating elements from YouTube, such as video clips.
Warner Music Group has reportedly already signed on and discussions are apparently ongoing with Sony Music Entertainment and Universal Music Group, and Merlin, a consortium of independent labels.
The feature goes on to note the optimism of its March target, as YouTube has been in negotiations new deals with Universal and Sony for more than a year while also having a talks with Universal- and Sony-owned Vevo looming early next year.
“YouTube hired former Warner Music executive Lyor Cohen last year to help oversee its music operations and serve as a liaison to the record business. Google folded much of the staff for Google Play Music into YouTube earlier this year, and Cohen announced plans to create a new paid service,” sums Bloomberg‘s Lucas Shaw.
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