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YouTube to launch a new Spotify rival, codenamed 'Remix', in 2018

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Paid services from Spotify and Apple Music have spurred a recovery in the music business, which is growing again after nearly two decades of decline.

According to the report issued by Bloomberg, YouTube is working its way up to introduce its music streaming service similar to Apple Music, Spotify, and others. Vevo, owned by Universal and Sony, distributes music videos for their acts.

There are still a few months left for YouTube to make things happen and it will certainly be interesting to see how things develop.

Having a streaming music service is all the rage these days for major companies.

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YouTube hasn't had the same success as Apple or Spotify in convincing people to sign up for its paid music services, though it's not for lack of trying. Currently, YouTube has secured Warner Music Group, but is looking to also Sony Music Entertainment and Universal Music Group onboard. It also comes after a raft of sustained criticism from the industry that YouTube does not compensate artists enough for content hosted on the platform.

Within the YouTube team, the music streaming is being referred to as "Remix". The service is being called "Remix" internally, but there's no word on what it might be called when it does go live. The new service would incorporate certain YouTube elements, including video, in a Spotify-like format.

The Google/Alphabet company is keen to launch "Remix" in March, but is reliant on getting these licensing deals over the line. We will let you guys know as soon as we hear more details on the matter.

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