Warner Music Group, one of the world's three major record labels, has already signed on, said the people, who asked not to be identified discussing private talks.
YouTube has plans to release a new paid music service next spring, Bloomberg reports citing anonymous sources familiar with the matter. Without major label support, a streaming service can not offer proper content to keep users interested.
According to the report, YouTube has already finalized a deal with Warner Bros Music Group and is now in talks with Sony Music Entertainment, Merlin (a label covering independent artists), and Universal Music Group. The service will combine both traditional music streaming and music videos, according to the report.
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That could help the company take on the likes of Spotify and Apple Music - but given that YouTube already has a Music app, as well as a paid subscription service (called YouTube Red), and Google already has a streaming service and music store, it's an odd strategy to start on at this point. YouTube is also negotiating with a consortium of independent labels called Merlin, as well as reaching out to have artists help promote the service.
Vevo is majority owned by Universal and Sony.
What do you think of the idea of a YouTube music streaming service? Namely, they have been disappointed in how YouTube Red is not music-centric enough and instead focussed on producing original video content.
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