YouTube Is Planning to Launch a Paid Music Streaming Service, Report Says

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According to Shaw, the new service may help "appease record-industry executives who have pushed for more revenue from YouTube". YouTube launched ad-free, subscription-based YouTube Red in 2016 featuring exclusive video content from popular creators such as Lilly Singh Michael Stevens.

Detailed in the report, YouTube is attempting to negotiate deals with Sony Music Entertainment and Universal Music Group to have them included in this service, with Warner Music Group already signed on.

Neither has made much progress gaining paid subscribers - at least compared to Spotify, Apple, or Amazon.

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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.

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

The current plan is to "incorporate elements from YouTube, such as video clips" into the new streaming platform, as well as directly rival Spotify with "standard" audio playing on smartphones, tablets and computers. This summer, Google also confirmed that it would merge Google Play Music and YouTube Red.

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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.

Swedish music streaming service Spotify and Chinese internet company Tencent have struck a deal to take minority stakes in each other.

Music videos on YouTube attract around one billion users every month. YouTube was not available for comment outside regular business hours.

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