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. 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. Currently, YouTube has secured Warner Music Group, but is looking to also Sony Music Entertainment and Universal Music Group onboard.
Whichever brand "Remix" officially adopts in 2018, it looks like to replace Google Play Music, which first launched in 2011. This would be the Google-owned company's third attempt to successfully compete with industry-leaders Spotify and Apple. YouTube launched ad-free, subscription-based YouTube Red in 2016 featuring exclusive video content from popular creators such as Lilly Singh Michael Stevens.
More than 1 billion users visit YouTube each month and music industry executives say the service does not pay enough to compensate them for the loss in revenues. 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. 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.
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Within the YouTube team, the music streaming is being referred to as "Remix".
According to Bloomberg, this new service would appease record executives who have been very critical when it comes to streaming services in general.