March 24, 2018

Google to Launch New YouTube Music Service in March

08 December 2017, 07:56 | Marlene Myers

YouTube global head of music Lyor Cohen

Google-owned You Tube Has a New Music Service Blah Blah Blah

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

YouTube is gearing up to launch a paid streaming music service by March 2018, reports Bloomberg.

According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform. Music Group. However, it is still in talks with Sony Music Entertainment, Merlin and the Universal Music Group regarding the details of the music streaming service. Earlier this year, Goldman Sachs predicted in its Music in the Air report that the streaming music market would grow to $28 billion per year by 2030, and Google will certainly want a large slice of that pie. Once the deals are finalized, which seems inevitable at this point, then that means YouTube will have a streaming music option that's in the same vein as Spotify, Apple Music, and, yes, Google Play Music.

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It is interesting to note how YouTube will market its service. In addition to this, with other companies charging their way through subscriptions, it would be fascinating to see how it positions itself.

The platform, codenamed "Remix", will reportedly bring together an on-demand Spotify-like paid audio service with video clips. 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. YouTube has reached out to artists to seek their help in promoting the new service, one of the people said.

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