YouTube Will Launch a Streaming Music Service in March

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Now reports suggest YouTube is about to revamp its offering with a new service called Remix. The three bigger labels include; Sony Music Entertainment and Universal Music Group. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

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.

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.

Clearly struggling to catch, Google has a new idea: why not launch a new music streaming service (once again)?

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YouTube has apparently already struck a deal with Warner Music Group.

A few months ago, YouTube's global head of music, Lyor Cohen confirmed the add-free YouTube Red service and Google Play Music will be merged into a new subscription service.

It's still unclear if Remix's launch will bring the demise of the two aforementioned products, although YouTube Red feels relatively safe given its primary recent focus on original programming.

Independent label consortium Merlin is also close to getting on board, according to Bloomberg. Early next year, YouTube will enter into negotiations with Vevo for a new deal. Major advertisers have also abandoned YouTube after two renowned publications discovered that the video service had monetized videos with pedophiliac comments. Bad Romance by Lady Gaga or Baby by Justin Bieber are some of the most viewed videos of all time on YouTube.