YouTube secures necessary deals for a paid music streaming service

YouTube sign new deals with Universal Sony paid service probably soon
     
     
       By Ida Torres

Bloomberg reports that YouTube has struck the necessary deals with Universal Music Group and Sony Music Entertainment to move forward with its latest subscription service. These agreements govern royalty rates for official content and user-uploaded clips.

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. Warner Music's agreement with the video site was shorter than normal to allow for flexibility in the future, according to a May memo from the label.

YouTube is expected to launch a Spotify-like streaming service in the first quarter of next year, now codenamed "Remix".

Earlier this month, more details emerged about the long rumored subscription service from Google that would merge Play Music and YouTube.

YouTube chief executive Susan Wojcicki said: "We're thrilled to strengthen our partnership with Universal Music Group".

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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.

For well over a decade, the music industry has been trying to figure out the Internet and they have failed more often than they have succeeded.

The world's largest music company has sealed a deal to buy indie label ZTT; Stiff Records, one of the prime movers in promoting punk and new wave; and music publisher Perfect Songs. Declining music sales and the rise of free sources ... YouTube Music Key, launched in 2014, was eventually rolled into YouTube's ad-free, subscription-based video service YouTube Red, which launched in 2016. The lack of revenue and approach toward protecting copyrighted material lead to friction between the streaming giant and music labels. If YouTube expects to turn users into paying customers, it'll have to provide an incentive for them to pay up.

What do you think YouTube's new music streaming service will look like?

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