YouTube to launch music streaming service next year, takes on Spotify, Apple Music
Google currently offers an ad-free, subscription-based YouTube Red that features exclusive video content.
Alphabet Inc's YouTube is planning to launch a paid music streaming service by March next year, Bloomberg reported on Thursday.
Record label Warner Music Group has already signed on while Sony Music Entertainment, Universal Music Group, and Merlin, a consortium of independent labels, are in talks with the video streaming website, Bloomberg said.
The service, internally referred to as Remix according to Bloomberg, will compete with similar offerings from Spotify and Apple Inc. YouTube was not available for comment outside regular business hours.
Google, another Alphabet unit, introduced Google Play Music, a streaming service, in 2011. YouTube launched ad-free, subscription-based YouTube Red in 2016 featuring exclusive video content from popular creators such as Lilly Singh Michael Stevens.
Google earlier this year rolled out its Play Music service in India. Google's subscription plans are among the lowest as compared to Saavn and Apple Music. Though it's highly unlikely that Google will be extending its YouTube music service in India anytime sooner. ALSO READ: How to play YouTube videos in background on your iPhone or Android smartphone