A Paid YouTube Music Streaming Service Set To Launch In March 2018 [Reports]

YouTube is said to be launching a new paid music streaming subscription service next year in March 2018. If the news according to Bloomberg becomes true, YouTube is aiming to directly compete with the rivals like Apple Music and Spotify. Here are the details.

 

The latest report suggests Apple planning to acquire music recognition service Shazam today for a mere $402 million acquisition. Warner Bros, one of the world’s three major record labels has already signed up, and have talked with Sony Music Entertainment and Universal Music Group are underway.

Although the paid music subscription rate is still growing gradually, major record labels complain that it would be even abrupt if not YouTube who doesn’t compensate enough.

This is the first time YouTube is attempting this, as its being the world’s most popular video streaming channels, had never really had the same success over Apple’s and Spotify’s paid music subscription.

Google has already introduced the music-only streaming app, Google Play Music service and YouTube Red in 2016 which apparently gave users option to watch YouTube videos without ads. Because it was a paid subscription service.

The new YouTube’s music subscription is all set to launch would be referred to as Remix and include Spotify-like on-demand streaming. This would also incorporate elements such as video clips from YouTube. Next to talk about is that the company has already reached out to artists to seek their help in promoting the new service. With that said, YouTube will also have negotiations with Vevo early next year.

(Source: Bloomberg)

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