YouTube is launching a new paid music streaming service called Remix next year

YouTube music streaming service
 

Next year, Spotify, Apple Music, and TIDAL will have a new competitor in YouTube.  The Alphabet Inc. company is launching a new paid music streaming service in 2018. This will be the third attempt by Alphabet Inc. at becoming a viable player in music streaming. Its previous attempts were Google Play Music, YouTube Red, and YouTube Music Key. 

According to Bloomberg, the service will be called Remix and will combine elements of YouTube Red with Google Music Play. It will feature on-demand audio streaming as well as video clips from YouTube.  

Warner Music Group is already on-board with the service, but YouTube is still in talks with Sony Music Entertainment and Universal Music Group. Getting them to be part of the service is critical to the success of the new streaming platform since those labels have massive catalogues. They also own Vevo, the world's largest music video distribution platform

Lyor Cohen, who joined YouTube to oversee its music operation reportedly is personally reaching out to artists to generate support and help promote the new service. 

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SOURCE: Bloomberg