YouTube planning new music subscription service

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Spotify is the giant, and it only offers a streaming music option. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

According to Bloomberg, which cites unnamed sources familiar with the matter, YouTube's paid service is slated to roll out next March and Warner Music Group is already onboard.

The one major advantage YouTube could have over its rivals is a huge catalog of video content to complement its music library.

Google, another Alphabet unit, introduced Google Play Music, a streaming service, in 2011.

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YouTube has so far not been able to create a music streaming service to match that of Spotify and Apple Music, with services such as Google Play Music, YouTube Music Key, Music Key and the music video-focused YouTube Red, not hitting the mark.

There are still a few months left for YouTube to make things happen and it will certainly be interesting to see how things develop. In addition to this, with other companies charging their way through subscriptions, it would be fascinating to see how it positions itself. 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. However, there has been no final statements registered as to what the service will be called.

According to Bloomberg, this new service would appease record executives who have been very critical when it comes to streaming services in general. As well, it is believed YouTube has reached out to artists for help with promotion.

What we know at this point is that the planned launch is expected to be in March of 2018.