- YouTube's new deals with Sony Music Entertainment and Universal Music Group pave the way for its parent company, Alphabet Inc., to launch a new paid YouTube music streaming service in 2018, Bloomberg reports.
- YouTube's deals with Sony and Universal, two top music labels, follow a previous agreement signed with Warner Music Group in May.
- The upcoming YouTube streaming service is reportedly referred to internally as "Remix."
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YouTube's latest deals with Sony and Universal will reportedly pave the way for a new music streaming service in 2018
YouTube signed deals with Sony Music Entertainment and Universal Music Group, according to Bloomberg, clearing the remaining obstacles for a new music service.
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YouTube has agreed to long-term deals with top music labels Sony Music Entertainment and Universal Music Group in a move that positions YouTube's parent company, Alphabet Inc., to launch a new music streaming service in 2018, Bloomberg's Lucas Shaw reports.
The upcoming paid YouTube streaming service, which Bloomberg earlier reported is internally referred to as Remix, represents Alphabet's latest attempt to compete with music streaming rivals like Spotify and Apple Music.
YouTube's new deals with Sony and Universal, which were reportedly two years in the making, follow a similar long-term deal that YouTube signed with Warner Music Group in May. Combined, the three deals pave the way for the launch of Remix, according to Bloomberg.
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YouTube's agreements with the labels reportedly establish royalty rates for copyrighted music uploaded to YouTube. As a result, the video service will reportedly look to crack down on user uploads of copyrighted music in an effort to increase revenue for music labels, which has long been a point of contention in the industry.
The prospective launch of Remix will be Alphabet's third attempt at entering the music streaming service game.
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