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.
It is interesting to note how YouTube will market its service. The giants of the industry like Spotify and Apple Music have secured a safe spot, gathering a huge number of subscribers and active users.
The service, internally referred to as Remix according to Bloomberg, will compete with similar offerings from Spotify and Apple.
Having a streaming music service is all the rage these days for major companies. That morphed into YouTube Red in 2016, letting users watch any video without advertising.
The service will tentatively be called Remix, and while YouTube's parent company Alphabet Inc. hasn't officially announced anything, people familiar with the move told Bloomberg that Warner Music Group is already on board. Not only has YouTube been trying to negotiate new deals with Universal and Sony for more than a year, but it also has a negotiation with Vevo looming early next year. Music Group. However, it is still in talks with Sony Music Entertainment, Merlin and the Universal Music Group regarding the details of the music streaming service. It also comes after a raft of sustained criticism from the industry that YouTube does not compensate artists enough for content hosted on the platform.
YouTube was not available for comment outside regular business hours. Apart from this, the company has also been reaching out to artists to market its service when it is launched.
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