Industry

YouTube reportedly plans new paid music streaming service

YouTube reportedly plans new paid music streaming serviceā€

According to Shaw, the new service may help "appease record-industry executives who have pushed for more revenue from YouTube".

As for the music publishers, Warner Music Group has reportedly already signed on for the new project, but Sony Music Entertainment and Universal Music Group remain in talks, along with Merlin, a group that represents independent labels. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

Big G's next attempt at cracking the music streaming market is reportedly a "combination" of YouTube Red and Google Play Music, internally dubbed Remix, and tentatively eyed for a March 2018 debut.

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis.

It's not yet clear how the Remix service would differ from Google's existing offerings. The platform is now "in talks" with Sony Music and Universal Music Group.

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Up until now, the music viewing features on YouTube have been mostly free and offering them at a price may present some challenges ahead. The new product will offer both music and video streaming.

Music streaming company Spotify and the music arm of China's Tencent Holdings Ltd will buy minority stakes in each other's businesses, the companies said in a statement on Friday. Early next year, YouTube will enter into negotiations with Vevo for a new deal.

According to Bloomberg sources, it'll be a a paid streaming service created to placate the record labels who've been seeking more revenue from YouTube streams.

The search giant already owns the world's most successful video-sharing website, but its efforts to expand YouTube's reach have largely failed.

MailOnline has contacted YouTube for comment.



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