YouTube is set to launch a new subscription music streaming service in 2018.
YouTube plans to introduce a paid music service in March, according to people familiar with the matter, a third attempt by parent company Alphabet Inc. to catch up with rivals Spotify and Apple Inc.
The new service could help appease record-industry executives who have pushed for more revenue from YouTube. 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. YouTube is also in talks with the two others, Sony Music Entertainment and Universal Music Group, and Merlin, a consortium of independent labels, the people said.
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