After YouTube Red and YouTube TV, the largest video-streaming platform has come up with another paid service that would allow users to subscribe a music service on yearly basis. This service would soon launch in March. This is the third time, YouTube would be taking the dive into music streaming market trying to compete with renowned service providers like Spotify and Apple Music.
The new service by YouTube is seen with great enthusiasm this time because of the collaboration with various eminent artists and brands like Sony Music, Warner Bros, and other record labels. The only demand for the record labels has been the increased compensation by YouTube which is way less than its competitors like Spotify and Apple Music.
Despite being the major genre of YouTube, the video streaming company has failed badly to promote its paid services for the music services. This will be the third attempt by the company to successfully launch its paid music services. One of the greatest problems faced by Google has been the consistent launch of its products that serve the same purpose but with different names which divide the entire market and the benefit of isolation is taken by competitor brands. YouTube Red became a service which later turned out to become a service with ad-free videos. Google Music Player was released in 2011 which also proved to become a simple music player on smartphones and failed to make an impact.
This new paid service is known as Remix and will follow the same financial and monetary structure of the Spotify. This will be an on-demand streaming service for paid music from different eminent artists. YouTube has been in a continuous struggle with different studios and even Vevo for their annual pacts with the company. YouTube is in talks with Universal and Sony for more than a year trying to reach an agreement with them.
While the music industry thought that YouTube Red was initially developed with the vision of promoting the talent of aspiring artists but with the passage of time, the platform became an arena for original series like the reboot of “The Karate Kid”.