Google could launch YouTube "Remix" music streaming service in early 2018

CREDIT Google

Bloomberg also notes YouTube has negotiations set up with Vevo - a popular video hosting service which is under the patronage of Universal and Sony.

Spotify - which has paid more than $5 billion in music-licensing fees through September 2016 - faces increased competition from Apple Music in the space.

While YouTube's existing relationships with music labels could prove promising for securing all-important music exclusives, Google, which owns YouTube, has struggled to compete in this space so far.

It's been suggested that the new service could be a combination of the two, with Spotify-esque music streaming alongside video elements of YouTube.

Another gripe, the report says, is Google's inability to convert free visitors into paid customers.

In order to break into the subscription service game at this stage, YouTube requires the cooperation of the three major labels - Warner, Universal, and Sony.

If you pick up the most viewed video lists for any year on YouTube every year, music videos are among the top tiers of those lists. YouTube is also negotiating with a consortium of independent labels called Merlin, as well as reaching out to have artists help promote the service.

It's still unclear if Remix's launch will bring the demise of the two aforementioned products, although YouTube Red feels relatively safe given its primary recent focus on original programming.

YouTube reportedly has a new music-streaming service in the works to perhaps replace YouTube Red.

MailOnline has contacted YouTube for comment.

Remix is apparently YouTube's attempt to please music publishers with more revenue from music placed on its service.

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