YouTube Is Set To Jump On The Music Streaming Bandwagon
There are quite a handful of companies competing against each other in the music streaming industry. The giants of the industry like Spotify and Apple Music have secured a safe spot, gathering a huge number of subscribers and active users. However, the race never seems to stop as new contenders are pacing up to be part of the industry. Now, the Google-owned YouTube is apparently planning to launch its own music streaming service as well. According to the report issued by Bloomberg, YouTube is working its way up to introduce its music streaming service similar to Apple Music, Spotify, and others. So let's dive in to see some more details on the matter.
YouTube In Works To Launch Its Own Music Streaming Service
As per Bloomberg's report, YouTube is finalizing the necessary deals to launch its own music streaming service. The company has already penned down details with Warner Bros. 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.
It is interesting to note how YouTube will market its service. The platform has been known for the provision of free music for a long time. In addition to this, with other companies charging their way through subscriptions, it would be fascinating to see how it positions itself.
“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.”
Within the YouTube team, the music streaming is being referred to as "Remix". However, there has been no final statements registered as to what the service will be called. Nonetheless, we will find it out in the coming days as the launch nears. The service will feature on-demand music listening coupled with tied in YouTube clips. Apart from this, the company has also been reaching out to artists to market its service when it is launched.
What we know at this point is that the planned launch is expected to be in March of 2018. We will let you guys know as soon as we hear more details on the matter.
News Source: Bloomberg
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