YouTube, which hired former Warner Music executive Lyor Cohen a year ago to oversee its music operations and serve as a liaison to the record business, is also believed to be reaching out to artists to help promote its new service and generate support. Previous attempts at music subscription services by YouTube's parent company, Alphabet - Google Play Music and YouTube Key - were lacklustre at best.
Spotify launched in 2008 and now provides music streaming to 140 million users globally, of which 60 million pay for its premium advertising-free subscription. Combined, both Google-owned services have almost 7 million subscribers.
Remix would compete against two overwhelmingly dominant services: Apple Music and Spotify.
YouTube to launch music subscription service next year: Bloomberg
YouTube has apparently already struck a deal with Warner Music Group.
Swedish music streaming service Spotify and Chinese internet company Tencent have struck a deal to take minority stakes in each other. Namely, they have been disappointed in how YouTube Red is not music-centric enough and instead focussed on producing original video content.
According to the report, record labels feel music streaming revenues would be much greater if not for YouTube.
"The popular video platform has also reached out the artists to "[promote] the new service". The video platform has also been in talks with UMG and Sony "for more than a year". YouTube was not available for comment outside regular business hours.More news: YouTube reportedly launching its Music Service in March
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