YouTube To Launch Music Subscription Service In 2018
YouTube is planning to launch a music streaming service in March next year.
Record label Warner Music Group has already signed up while Sony Music Entertainment, Universal Music Group, and Merlin, a consortium of independent labels, are in talks with YouTube as well. According to the report, the service is internally called Remix as of now and it will be interesting if that turns out to be the official name as well.
YouTube hired former Warner Music executive Lyor Cohen last year to help oversee its music operations and serve as a liaison to the record business. Google folded much of the staff for Google Play Music into YouTube earlier this year, and Cohen announced plans to create a new paid service.
The new service could help appease record-industry executives who have pushed for more revenue from YouTube. 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.
The new service would include Spotify-like on-demand streaming and would incorporate elements from YouTube, such as video clips. YouTube has also reached out to artists to seek their help in promoting the new service.