Spotify and Tencent signs equity investment deal

Posted December 10, 2017

YouTube, which hired former Warner Music executive Lyor Cohen past year to oversee its music operations and serve as a liaison to the record business, is also believed to be reaching out to artists to help promote its new service and generate support.

YouTube and Google has released a lot of music related products including Google Play Music, YouTube Music Key and the video-focused YouTube Red.

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

According to a source of Bloomberg, YouTube is now working on a new music subscription service known internally as Remix to compete with Apple Music and Spotify.

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It's not yet clear how the Remix service would differ from Google's existing offerings.

Tencent Music Entertainment (TME), the Chinese firm's subsidiary that manages its music streaming and karaoke services, will make an undisclosed minority investment in Spotify through new shares, while Spotify will buy a similar undisclosed stake in TME.

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

According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform.

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Vevo is majority owned by 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. Publishers, labels and artists alike have long accused YouTube and other services of hurting their profits. In corporation with the Google Play Music services, YouTube is going in a new direction.

But what about YouTube Red, isn't that good enough?

These talks have reportedly been going on for more than a year. YouTube was not available for comment outside regular business hours.

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Bloomberg notes that YouTube plans to introduce the music service in March.