YouTube planning new music subscription service

YouTube to launch a new Spotify rival, codenamed 'Remix', in 2018

Google to Launch New YouTube Music Service in March (Report)

However, the race never seems to stop as new contenders are pacing up to be part of the industry. 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.

Alphabet's YouTube plans to introduce a paid music streaming service in March, Bloomberg reported on Thursday, citing people familiar with the matter. Only Warner has already signed on for the service, according to the report.

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.

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The one major advantage YouTube could have over its rivals is a huge catalog of video content to complement its music library. However, there has been no final statements registered as to what the service will be called. The service will feature on-demand music listening coupled with tied in YouTube clips. YouTube is also in talks with the two others, Sony Music Entertainment and Universal Music Group, and Merlin, a consortium of independent labels, the people said.

At the time, the company was planning to launch the new service later this year.

If the deals go through and the service is launched this should go some way in helping to appease the music industry, with YouTube coming under for years over not stringent enough copyright infringement policing and not paying artists and labels their dues.

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