(Pocket-lint) - YouTube, one of the companies owned by Alphabet Inc. (also the owner of Google) is said to be launching a new music streaming service in March, according to sources speaking to Bloomberg.
The service, which could be seen as Alphabet's third attempt at launching a music service, could finally be the one to give some proper competition to the likes of Spotify and Apple Music. Bloomberg's sources say Warner Music Group has already signed on to be a part of the service, and talks are ongoing with Sony Music Entertainment and Universal Music Group, as well as Merlin, which is a consortium that represents several independent record labels.
The music streaming service is said to be being launched to help raise more revenue for the record labels, as they have allegedly said that YouTube as a video streaming site, doesn't pay them enough, considering how many people use it to listen to music.
Alphabet Inc. already has a music streaming service in the form of Google Play Music and in 2015 launched YouTube Red as a way to watch any video on YouTube completely ad-free. Anyone who signs up to either of these services gets the other one included for free.
The new service, which is said to be known internally as Remix, would act as a mash-up of the two, being predominantly audio-only, but with access to video clips, much like the other two big music streaming giants.
Considering YouTube has yet to finalise deals with two of the three major record labels, a March release is looking tentative right now, but we'll be keeping our eyes peeled for any further developments.