Launch of YouTube Remix set in March 2018
Alphabet’s (GOOGL) Google is set to launch its new music streaming service, Remix, in March 2018. Remix would operate along the lines of Spotify and Apple (AAPL) Music, and it would also incorporate video clips like YouTube.
This move came on the back of rising popularity of music streaming services on the video-sharing platform, which reportedly garners more than a billion views per month.
Google has been working to expand in the music streaming industry for years. The tech giant launched Google Play Music in 2011, offering only audio features. In 2014, Google unveiled its paid service YouTube Music Key, which became YouTube Red.
YouTube Red competed with Netflix (NFLX) in the online video streaming market. However, YouTube Red did not prove to be as successful in the music streaming industry, as it focused on YouTube original videos rather than on music.
This new service is expected to deliver results, as Google has already started marketing its new service to boost profits. The company also garnered former Warner Music executive Lyor Cohen to lead its music operations.
Warner Music is one of the largest music recording companies in the US (SPY), and this industry visibility can help boost YouTube Remix’s revenues.