Internet-based video streaming service YouTube plans to introduce a paid music service in March, according to people familiar with the matter, to catch up with rivals Spotify and Apple.
The new service could help appease record-industry executives who have pushed for more revenue from YouTube. Warner Music Group, one of the world’s three major record labels, has already signed on, said the people, who asked not to be identified discussing private talks.
YouTube is also in talks with the two others, Sony Music Entertainment and Universal Music Group, and Merlin, a consortium of independent labels, the people said.
Paid services from Spotify and Apple Music have spurred a recovery in the music business, which is growing again after almost two decades of decline.