YouTube Will Launch a New Music Subscription Service Next Year
Competition is healthy...right?
YouTube is planning on launching its own paid music service to compete with Spotify, Apple Music, and TIDAL according to Bloomberg. The site is trying to launch the streaming service by March 2018.
According to Bloomberg's sources, Warner Music Group has already signed on. YouTube is allegedly in negotiations with the other two major record labels, Sony Music Entertainment and Universal Music Group. The site is also allegedly in negotiations with Merlin, which represents an assortment of independent labels.
This would be an interesting development: for years major labels have been sparring with the site over how much it pays out, which is significantly less than streaming services like Spotify or Apple Music.
Launching this streaming service, which is internally being called Remix, would be the third attempt by YouTube's parent company, Alphabet Inc., to launch its own streaming service. They tried it with Google Play Music and then YouTube Music Key which eventually turned into YouTubeRed in 2016.
The streaming wars are only beginning.