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08 December 2017, 08:14 | Brandon Parsons
YouTube may launch its own streaming music service in 2018
Bloomberg reports that the YouTube team is in the process of launching its own music streaming service in March 2018 and that the company has already nailed down at least one major label deal to make that a reality.
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. Two other industry giants - Sony Music Entertainment and Universal Music Group - as well as Merlin (miinf), a consortium of independent labels, are reportedly in talks to sign up.
YouTube 's new music service, which is reportedly internally known as Remix, will be the successor of the company's existing music streaming service, Google Play Music.
Paid services from Spotify and Apple Music have spurred a recovery in the music business, which is growing again after nearly two decades of decline.
What do you think of the idea of a YouTube music streaming service? That morphed into YouTube Red in 2016, letting users watch any video without advertising.
YouTube has always been seen as one of the biggest obstacles for musical artists and labels, seeing as it's a go-to site for streaming free music.
YouTube must overcome several hurdles to meet a March target. Google folded much of the staff for Google Play Music into YouTube earlier this year, and Cohen announced plans to create a new paid service.
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