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Report: YouTube working on new music subscription service

Google Inc.'s YouTube LLC is looking to launch a new premium music subscription service, TechCrunch.com reported March 15.

The new service is expected to offer the "the best of Google Play Music's context server" and YouTube's "breadth and depth of catalogue," YouTube's Global Head of Music Lyor Cohen reportedly said while speaking at the South by Southwest Conference and Festivals.

"We're making an enormous investment to launch a product that you will be proud of," Cohen said, adding that he is focused on bringing diversity to distribution by adding a subscription business "on top of YouTube's already growing advertising business."

A report in December 2017 indicated that YouTube is expected to unveil a paid music service in March with music from all major record labels. YouTube recently struck agreements with music labels Warner Music Group Corp., Universal Music Group and Sony Corp.'s Sony Music Entertainment Inc.

Google is a unit of Alphabet Inc.