The Youtube Online Video Platform has concluded long-term dealings with Sony Music Entertainment and Universal Music Group to launch a subscription-based music service, Bloomberg informs.
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At the beginning of December, Bloomberg wrote that YouTube wants to launch a subscription-based music service in March next year, but had not concluded negotiations with Sony Music Entertainment and Universal Music Group.
On Tuesday, however, Bloomberg wrote that both music companies have signed up with the YouTube platform for copyright and music broadcasting. In May, the video platform ended a similar “shorter-than-usual” term with Warner Music Group, dissatisfied with YouTube’s anti-piracy policy.
With these new agreements, YouTube, part of Google, can channel its efforts to launch a similar Spotify subscription service that will provide content that will not be available for free on the online platform.
The music industry has seen significant growth over the past two years due to the growing number of people who have opted for streaming platform subscriptions such as Spotify and Apple Music.
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