YouTube could launch a new music streaming service in March

YouTube Headquarters

YouTube will launch a music streaming service next March, according to report published today by Bloomberg.

Universal, Sony and independent rights group Merlin are believed to be in discussions with YouTube but are yet to sign an agreement.

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According to Bloomberg, this new service would appease record executives who have been very critical when it comes to streaming services in general. Yet major record labels say the growth would be even more significant if not for YouTube, which they criticize for not compensating them enough, considering how much people use the site to listen to tunes.

The one major advantage YouTube could have over its rivals is a huge catalog of video content to complement its music library. Once the deals are finalized, which seems inevitable at this point, then that means YouTube will have a streaming music option that's in the same vein as Spotify, Apple Music, and, yes, Google Play Music. That morphed into YouTube Red in 2016, letting users watch any video without advertising.

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According to Bloomberg, the new service is planned to arrive in March and is now being referred to internally as Remix. At the moment YouTube is reportedly also in talks with a number of artists.

Making things a little spicier is the fact that music channel Vevo's contract with YouTube reportedly requires re-negotiation early next year. Google folded much of the staff for Google Play Music into YouTube earlier this year, and Cohen announced plans to create a new paid service.

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