In a new report, YouTube could introduce a brand new music streaming service sometime in March.
YouTube 's new music service, which is reportedly internally known as Remix, will be the successor of the company's existing music streaming service, Google Play Music.
According to Bloomberg, this new service would appease record executives who have been very critical when it comes to streaming services in general.
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Before paid streaming, both major and independent labels had been in virtual free fall since the emergence of peer-to-peer services, starting with Napster in 1999.
According to the report, YouTube has already finalized a deal with Warner Bros Music Group and is now in talks with Sony Music Entertainment, Merlin (a label covering independent artists), and Universal Music Group. Nonetheless, with Spotify having 60 million paying users and Apple about 27 million subscribers YouTube will have a mountain to climb to catch up. Without major label support, a streaming service can not offer proper content to keep users interested. YouTube has reached out to artists to seek their help in promoting the new service, one of the people said.
According to Bloomberg, the new service is planned to arrive in March and is now being referred to internally as Remix. Vevo, owned by Universal and Sony, distributes music videos for their acts. 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.