In a new report, YouTube could introduce a brand new music streaming service sometime in March. While the details haven't been completely hashed out yet, this could be an interesting attempt once again by the company to really enter into the music streaming segment.
Currently, YouTube offers its Red service to customers that give them access to original content and also commercial-free streaming. The service is also attached to Google's Play Music, which allows users access to either service, at no extra charge. If a new YouTube music streaming service was announced, it would be interesting to see how it would fit in the firm's current portfolio of products.
According to Bloomberg, this new service would appease record executives who have been very critical when it comes to streaming services in general. Without major label support, a streaming service cannot offer proper content to keep users interested. There are smaller artists that remain independent, but SoundCloud and other similar services have that area covered. Currently, YouTube has secured Warner Music Group, but is looking to also Sony Music Entertainment and Universal Music Group onboard.
There are still a few months left for YouTube to make things happen and it will certainly be interesting to see how things develop.
Source: Bloomberg
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