YouTube closes new music deal with record labels Universal and Sony

YouTube has signed a new deal with Universal Music Group. The video site is also said to have signed a new deal with Sony Music Entertainment. The arrival of a paid YouTube music streaming service seems to be one step closer.

YouTube and Universal Music Group have confirmed to Bloomberg and The Verge that there is a new deal. Bloomberg also says they have heard from sources familiar with the matter that YouTube also has a new deal with Sony Music Entertainment. Sony declined to comment.

In May, record company Warner Music already secured a new deal with YouTube. Now that the other two major parties have also agreed, the introduction of a new music streaming service from YouTube may be near. Bloomberg states that YouTube expects that several million users who now listen to music for free by watching videos will pay for a subscription.

Earlier this month, Bloomberg already released information about YouTube’s suspected plans. The music streaming service would be comparable to, for example, Spotify and Apple Music, but also contain video clips.

If YouTube launches its own music streaming service, it will be Google’s third attempt in the paid music streaming market. It introduced Google Play Music in 2011, followed by YouTube Music Key in 2014.