YouTube reportedly launching new paid music streaming service in March 2018

YouTube reportedly launching new paid music streaming service in March 2018

According to a report by Bloomberg, this will be Alphabet Incorporated's third attempt to compete with Spotify and Apple (Alphabet Inc. being the parent company of Google and by extension, YouTube).

Furthermore, people familiar with the matter also said that Remix "would include Spotify-like on-demand streaming and would incorporate elements from YouTube, such as video clips". It has been reported that the company has reached out to music artists in an attempt to promote Remix. Warner Music Group has already signed on to be part of the new project, with negotiations still underway with Sony Music Entertainment, Universal Music Group and Merlin.

This is not the first time YouTube has tried to get a share of the music streaming market. The YouTube Red, Remix and Google Play Music, all these three music related platforms by the giant, Google will work together once they release this new Remix platform in the coming March month. The latter suffered slow growth, and the company made a decision to rebrand it as YouTube Red.

Amazon Music Unlimited gives you access to 40 million songs, new worldwide playlists, personalized playlists and stations, new releases, and unlimited ad-free streaming. So there will be more contents to explore at the users' side if you go with this YouTube Music Service in the future.

It was reported that YouTube Red only had 1.5 million subscribers a year ago.

YouTube has not had a successful run like Spotify, which has almost 140 million monthly users or Apple, which has over 30 million subscribers, when it comes to paid music service. YouTube also hired former Warner Music executive Lyor Cohen in 2016 to help oversee its music operations and serve as a liaison to the record business. Yet major record labels say the growth would be even more significant if not for YouTube, which they criticize for not compensating them enough, considering how much people use the site to listen to tunes.