Published: Fri, December 08, 2017
Hi-Tech | By Ellis Neal

YouTube Is Set To Jump On The Music Streaming Bandwagon

YouTube Is Set To Jump On The Music Streaming Bandwagon

While the details haven't been completely hashed out yet, this could be an interesting attempt once again by the company to really enter into the music streaming segment. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

YouTube is planning to launch a new music streaming service called Remix next year.

According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform.

Vevo is majority owned by Universal and Sony. Earlier this year, Goldman Sachs predicted in its Music in the Air report that the streaming music market would grow to $28 billion per year by 2030, and Google will certainly want a large slice of that pie.

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.

At this point, it's unclear what the new music service will mean for YouTube Red, the company's other paid offering. However, there has been no final statements registered as to what the service will be called. Currently, YouTube has secured Warner Music Group, but is looking to also Sony Music Entertainment and Universal Music Group onboard. Nonetheless, we will find it out in the coming days as the launch nears. According to Bloomberg Remix will feature on demand music similar to Spotify and also include video clips. Apart from this, the company has also been reaching out to artists to market its service when it is launched.

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