Streaming music is a huge market right now, especially for companies that can offer it while still offering other services or devices, like Apple or Google.
And now the Google-owned YouTube is apparently planning on jumping on the music streaming bandwagon, too. Based on a report issued tonight from Bloomberg, YouTube is now in the process of finalizing the necessary deals to launch its own streaming music service, similar to Apple Music, Google Play Music, or Spotify.
According to the report, YouTube has already hammered the details out with Warner Bros. Music Group, but it is still currently in talks with Sony Music Entertainment, the group of independent label holders, Merlin, and the Universal Music Group. YouTube is well known as being a place where people can get their fix of free music, much to the chagrin of labels out there, so the fact that YouTube is moving in this direction is certainly interesting.
“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. YouTube is also in talks with the two others, Sony Music Entertainment and Universal Music Group, and Merlin, a consortium of independent labels, the people said.”
The new service is being referred to as “Remix” within the YouTube team, but there’s no word on what the final product name will be just yet. The streaming music option will offer on-demand listening, as well as YouTube clips tied in, and apparently YouTube has been reaching out to artists in preparation to market the new service when it does go live.
The planned launch is March 2018, but YouTube is apparently working through several different issues in an effort to reach that.[via Bloomberg]