YouTube to launch Spotify rival streaming music service in 2018

The service could be called Remix

YouTube plans to launch a new music subscription service in March, Bloomberg reported Thursday, in what would be Google-parent Alphabet's third attempt to challenge rivals Apple and Spotify.

YouTube 's new music service, which is reportedly internally known as Remix, will be the successor of the company's existing music streaming service, Google Play Music.

Warner Music Group, one of the world's three major record labels, has already signed on, said the report.

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While the music streaming service is expected to arrive in March, YouTube is still grinding out the details of its deals, so it could face delays that push out that launch date.

Warner Music Group has reportedly already signed on to the service, while Universal Music Group, Sony Music Entertainment and independent label digital rights agency Merlin are now in talks. 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.

At this point, it's unclear what the new music service will mean for YouTube Red, the company's other paid offering.

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