YouTube could launch a new music streaming service in March

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

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.

2018 is going to start with a bang: YouTube looks set to launch a new music streaming service in March next year.

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.

At the time, the company was planning to launch the new service later this year. But royalties garnered from a paid on-demand service in line with that of Spotify's (aapl) could turn out to be a boon for record labels. Google introduced audio-only streaming service Google Play Music in 2011. Now, on the back of the success of Spotify and Apple, they are beginning to recover.

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What do you think of the idea of a YouTube music streaming service? YouTube Music Key came along in 2014, giving subscribers ad-free music videos. At the moment YouTube is reportedly also in talks with a number of artists. If a new YouTube music streaming service was announced, it would be interesting to see how it would fit in the firm's current portfolio of products.

YouTube must overcome several hurdles to meet a March target.

YouTube hired former Warner Music executive Lyor Cohen past year to help oversee its music operations and serve as a liaison to the record business.

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