YouTube's upcoming Remix music streaming service reportedly launching in March

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.

Detailed in the report, YouTube is attempting to negotiate deals with Sony Music Entertainment and Universal Music Group to have them included in this service, with Warner Music Group already signed on.

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

The next music service YouTube plans to launch is taking shape.

Over the summer, the video platform reported that it had 1.5 million paid subscribers, and another million on a free, 30-day trial basis.

Record label Warner Music Group has already confirmed its participation, the sources said. The platform is now "in talks" with Sony Music and Universal Music Group.

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Music streaming company Spotify and the music arm of China's Tencent Holdings Ltd will buy minority stakes in each other's businesses, the companies said in a statement on Friday. Independent research shared with Digital Music News shows that YouTube actually pays $0.0006 per stream.

Key became the equally unthrilling YouTube Red, another subscription play that removes ads from videos and makes available a catalogue of highly-produced original content from some of the platform's best-known creators. Early next year, YouTube will enter into negotiations with Vevo for a new deal.

These talks have reportedly been going on for more than a year.

It's unclear whether Remix will co-exist with Google Play Music and YouTube Red, or if the new service will replace them.

YouTube didn't immediately respond to a request for comment.