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Google to Launch New YouTube Music Service in March

08 December 2017

YouTube is gearing up to launch a paid streaming music service by March 2018, reports Bloomberg.

The new service could help appease record-industry executives who have pushed for more revenue from YouTube. The giants of the industry like Spotify and Apple Music have secured a safe spot, gathering a huge number of subscribers and active users. YouTube is also presently in talks with Sony Music Entertainment, Universal Music Group and the Merlin Network of independent labels. 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.

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Having a streaming music service is all the rage these days for major companies.

YouTube has so far not been able to create a music streaming service to match that of Spotify and Apple Music, with services such as Google Play Music, YouTube Music Key, Music Key and the music video-focused YouTube Red, not hitting the mark. YouTube launched ad-free, subscription-based YouTube Red in 2016 featuring exclusive video content from popular creators such as Lilly Singh Michael Stevens. As well, it is believed YouTube has reached out to artists for help with promotion.

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Making things a little spicier is the fact that music channel Vevo's contract with YouTube reportedly requires re-negotiation early next year.

The Google/Alphabet company is keen to launch "Remix" in March, but is reliant on getting these licensing deals over the line.

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Google to Launch New YouTube Music Service in March