Tech

YouTube likely leading Google's merged music streaming service, 2018 launch planned

YouTube likely leading Google's merged music streaming service, 2018 launch planned

This new product is seen as possibly appeasing "record-industry executives who have pushed for more revenue from YouTube".

Universal, Sony and independent rights group Merlin are believed to be in discussions with YouTube but are yet to sign an agreement. Apparently, the new service - internally referred to as Remix - is set to launch next March in an attempt to take on the likes of Apple Music and Spotify.

Clearly struggling to catch, Google has a new idea: why not launch a new music streaming service (once again)?

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis. Namely, they have been disappointed in how YouTube Red is not music-centric enough and instead focussed on producing original video content. Cohen previously revealed the company's plans to combine its YouTube Red video subscription service with Alphabet's existing Google Play Music offering back in July, according to The Verge.

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According to the report, record labels feel music streaming revenues would be much greater if not for YouTube. Publishers, labels and artists alike have long accused YouTube and other services of hurting their profits.

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

As ubiquitous as on-demand music streaming has become in recent years, the global market is pretty close to reaching a saturation point, with two immensely popular platforms and many smaller players basically offering the same exact services.

YouTube didn't immediately respond to a request for comment.