Music streaming giants Spotify, Tencent invest in each other

Posted December 10, 2017

Now reports suggest YouTube is about to revamp its offering with a new service called Remix.

Whichever brand "Remix" officially adopts in 2018, it looks like to replace Google Play Music, which first launched in 2011.

Warner Music Group has already signed on, though discussions with juggernauts Sony Music Entertainment and Universal Music Group have been underway for over a year.

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Spotify - which has paid more than $5 billion in music-licensing fees through September 2016 - faces increased competition from Apple Music in the space.

According to "people familiar with the matter", YouTube will launch a new paid music streaming service next March codenamed 'Remix.' This marks the third time that parent company Alphabet has launched a streaming platform for music fans.

While YouTube's existing relationships with music labels could prove promising for securing all-important music exclusives, Google, which owns YouTube, has struggled to compete in this space so far.

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If you pick up the most viewed video lists for any year on YouTube every year, music videos are among the top tiers of those lists.

"The popular video platform has also reached out the artists to "[promote] the new service". Namely, they have been disappointed in how YouTube Red is not music-centric enough and instead focussed on producing original video content.

Bloomberg's sources said that YouTube has been attempting to negotiate new deals with Universal and Sony for more than a year.

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Bloomberg notes that YouTube plans to introduce the music service in March. YouTube was not available for comment outside regular business hours.