YouTube to launch Spotify rival streaming music service in 2018

YouTube to launch Spotify rival streaming music service in 2018

Nonetheless, with Spotify having 60 million paying users and Apple about 27 million subscribers YouTube will have a mountain to climb to catch up.

Alphabet's YouTube plans to introduce a paid music streaming service in March, Bloomberg reported on Thursday, citing people familiar with the matter.

According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform.

Remix would be the latest attempt by YouTube to compete with streaming giants Spotify and Apple Music, following YouTube Music Key and YouTube Red.

The new service could help appease record-industry executives who have pushed for more revenue from YouTube.

Whichever brand "Remix" officially adopts in 2018, it looks like to replace Google Play Music, which first launched in 2011. The platform has been known for the provision of free music for a long time. Warner Music Group, one of the world's three major record labels, has already signed on, said the people, who asked not to be identified discussing private talks.

According to the report, YouTube has already finalized a deal with Warner Bros Music Group and is now in talks with Sony Music Entertainment, Merlin (a label covering independent artists), and Universal Music Group. However, there has been no final statements registered as to what the service will be called.

More than 1 billion users visit YouTube each month and music industry executives say the service does not pay enough to compensate them for the loss in revenues. The new service would incorporate certain YouTube elements, including video, in a Spotify-like format.