YouTube Is Planning to Launch a Paid Music Streaming Service, Report Says

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YouTube to launch a new Spotify rival, codenamed 'Remix', in 2018

Having a streaming music service is all the rage these days for major companies.

YouTube is gearing up to launch a paid streaming music service by March 2018, reports Bloomberg. Talks with Sony and Universal, as well as Merlin-which represents hundreds of independent record labels-are apparently underway. If a new YouTube music streaming service was announced, it would be interesting to see how it would fit in the firm's current portfolio of products.

The new service could help appease record-industry executives who have pushed for more revenue from YouTube. At the moment YouTube is reportedly also in talks with a number of artists.

What do you think of the idea of a YouTube music streaming service? Not only has YouTube been trying to negotiate new deals with Universal and Sony for more than a year, but it also has a negotiation with Vevo looming early next year. 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.

YouTube hired former Warner Music executive Lyor Cohen past year to help oversee its music operations and serve as a liaison to the record business. Google combined both the YouTube Music and Google Play Music teams in February, and Google CEO Sundar Pichai had told investors earlier this year that the company planned to unite its music experiences under one roof.

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