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Music streaming giants Spotify, Tencent invest in each other

Music streaming giants Spotify, Tencent invest in each other

YouTube launched ad-free, subscription-based YouTube Red in 2016 featuring exclusive video content from popular creators such as Lilly Singh Michael Stevens.

Universal, Sony and independent rights group Merlin are believed to be in discussions with YouTube but are yet to sign an agreement.

Unlike Apple and Spotify, the company has far failed to convince people to use its pay-for services.

YouTube is planning to launch a new music streaming service called Remix next year.

Another gripe, the report says, is Google's inability to convert free visitors into paid customers.

It's been suggested that the new service could be a combination of the two, with Spotify-esque music streaming alongside video elements of YouTube.

YouTube Is Said to Plan New Paid Music Subscription Service
Remix is owned by Alphabet Inc, a company that is constantly trying to overcome the supremacy of Spotify and Apple Music. YouTube has reached out to artists to seek their help in promoting the new service, one of the people said.

According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform.

In order to break into the subscription service game at this stage, YouTube requires the cooperation of the three major labels - Warner, Universal, and Sony.

YOUTUBE is reportedly working on a music streaming service to rival the likes of Spotify and Apple Music.

Spotify CEO Daniel Ek said the "transaction will allow both companies to benefit from the global growth of music streaming". Publishers, labels and artists alike have long accused YouTube and other services of hurting their profits.

It's been quite a while since Google first admitted that it had plans to merge Play Music with YouTube Red back in July. Early next year, YouTube will enter into negotiations with Vevo for a new deal. Bad Romance by Lady Gaga or Baby by Justin Bieber are some of the most viewed videos of all time on YouTube.

According to Bloomberg sources, it'll be a a paid streaming service created to placate the record labels who've been seeking more revenue from YouTube streams.


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