In a new report, YouTube could introduce a brand new music streaming service sometime in March.
According to the report, YouTube has already finalized a deal with Warner Bros Music Group and is now in talks with Sony Music Entertainment, Merlin (a label covering independent artists), and Universal Music Group.
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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. The service will combine both traditional music streaming and music videos, according to the report. Now, on the back of the success of Spotify and Apple, they are beginning to recover. At the moment YouTube is reportedly also in talks with a number of artists. Without major label support, a streaming service can not offer proper content to keep users interested. The service, which is internally referred to as Remix, is slated to feature video clips alongside tracks, and YouTube is said to be courting artists to help promote Remix when it's closer to launch. Not only has YouTube been trying to negotiate new deals with Universal and Sony for more than a year, but it also has a negotiation with Vevo looming early next year. This would be the Google-owned company's third attempt to successfully compete with industry-leaders Spotify and Apple.
YouTube hired former Warner Music executive Lyor Cohen a year ago to help oversee its music operations and serve as a liaison to the record business.
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