YouTube reportedly plans new paid music streaming service

Otis Hoffman
December 10, 2017

While YouTube's existing relationships with music labels could prove promising for securing all-important music exclusives, Google, which owns YouTube, has struggled to compete in this space so far. Apple Music is now hovering around 30 million.

Unlike competitors Apple and Amazon, music-streaming is Spotify's primary focus.

Considering the traffic that the video streaming service generates for music videos, they have already formed another link called YouTube Red which featured only music content.

The new service will offer subscription to the users and it will eliminate a lot of confusions regarding the somewhat confusing series of streaming products that have been rebranded and relaunched in previous years by YouTube.

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Record label Warner Music Group has already confirmed its participation, the sources said.

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. YouTube's music head Lyor Cohen made the announcement in a Bloomberg Report in June.

Even that might be an exaggeration. For that matter, YouTube also needs to negotiate with Vevo, which holds the rights to many music videos. To help oversee its music operations, the company hired Cohen previous year.

Up until now, the music viewing features on YouTube have been mostly free and offering them at a price may present some challenges ahead.

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The move to launch "Remix" comes at a critical time for the company.

Bloomberg's sources said that YouTube has been attempting to negotiate new deals with Universal and Sony for more than a year. YouTube was not available for comment outside regular business hours.

As ubiquitous as on-demand music streaming has become in recent years, the global market is pretty close to reaching a saturation point, with two immensely popular platforms and many smaller players basically offering the same exact services.

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