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YouTube is reportedly launching a music streaming service called Remix

YouTube is reportedly launching a music streaming service called Remix

The video platform has also been in talks with UMG and Sony "for more than a year".

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

That is all about to change.

Spotify and Apple Music may have a new streaming rival in 2018. YouTube's music head Lyor Cohen made the announcement in a Bloomberg Report in June. The new service would incorporate certain YouTube elements, including video, in a Spotify-like format.

After almost two decades of decline, paid services from Spotify and Apple Music have spurred recovery in the music business, according to the Bloomberg report.

Jaitley indicates merger of 12 per cent, 18 per cent GST slabs
His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth.

Warner Music Group has already signed on, though discussions with juggernauts Sony Music Entertainment and Universal Music Group have been underway for over a year.

Record label Warner Music Group has already confirmed its participation, the sources said. This time around YouTube is offering more generous terms in their contracts. Then, to provide unique original video content and uninterrupted music on mobile devices, the Google-owned YouTube launched YouTube Red.

However, this will be the first verified and legit music endeavor that will include direct contracts with the music companies and artists.

According to a Bloomberg report, it appears that YouTube will be the surviving brand, with "much of the staff for Google Play Music" folded into the YouTube Music team earlier this year.

Many record labels believe this growth could have been even stronger had it now been for YouTube which does not compensate them enough, many claim. YouTube was not available for comment outside regular business hours.

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