YouTube To Launch Music Subscription Service In March

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Bloomberg reports that the Google-owned company is aiming for a start date of March 2018, after having secured an agreement with Warner Music Group.

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis.

In a bid to enter the streaming music market, Google launched Google Play Music. Apple Music is now hovering around 30 million.

Music videos on YouTube attract around one billion users every month. But royalties garnered from a paid on-demand service in line with that of Spotify's (aapl) could turn out to be a boon for record labels.

The current plan is to "incorporate elements from YouTube, such as video clips" into the new streaming platform, as well as directly rival Spotify with "standard" audio playing on smartphones, tablets and computers.

Warner has already reportedly signed on a deal with Warner Music Group. YouTube's music head Lyor Cohen made the announcement in a Bloomberg Report in June. Publishers, labels and artists alike have long accused YouTube and other services of hurting their profits. To help oversee its music operations, the company hired Cohen a year ago.

Many record labels believe this growth could have been even stronger had it now been for YouTube which does not compensate them enough, many claim.

The move to launch "Remix" comes at a critical time for the company.

Two of the world's most popular online music streaming services are buying shares in one another. YouTube was not available for comment outside regular business hours. And given the chaos that is Google, they probably don't know either.

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