YouTube Plans Music Streaming Service

YouTube Plans Music Streaming Service
YouTube will launch its Remix music streaming service in March, according to a report.

(CCM) — Google's YouTube is planning to introduce a music audio and video streaming service to compete with Spotify's and Apple's music streaming services, according to a Bloomberg report.

The new service, provisionally named Remix, will be launched in March, according to the report. The company has already signed an agreement with Warner Music Group, one of the "big three" music labels, and is in talks with the other two: Sony Music Entertainment and Universal Music Group. YouTube is also negotiating with Merlin, a consortium of independent labels, the report says.

Remix will be Google's third attempt at a music streaming service. In 2011 the company launched the Google Play Music audio streaming service, and three years later it launched YouTube Music Key, which offered subscribers ad-free music videos. In 2016 this evolved into YouTube Red, which let users watch any videos (rather than music videos only) without advertisements.

Streaming services such as Spotify and Apple Music have been major contributors to the recovery of the music industry after two decades of declining revenues. But many people in the industry believe that YouTube does not contribute enough cash given the number of people that use the site to watch and listen to music videos without the need for a subscription.

Image: © YouTube.