A YouTube Streaming Music Service Will Launch Later This Year

The new service will open up a new revenue stream for record companies, which currently just monetize from ads sold against music videos.

YouTube is one of the most popular online music players in the world, so it shouldn't come as much of a surprise that the video platform is planning to launch a paid-subscription music streaming service later this year, Fortune reports.

A YouTube spokesperson provided the following statement:
"While we don't comment on rumor or speculation, there are some content creators that think they would benefit from a subscription revenue stream in addition to ads, so we're looking at that."

A subscription model could provide record companies with a revenue stream that doesn't solely depend on selling ads against music videos. Other, non-music content creators on YouTube have also been expressing interest in paid subscriptions to bolster ad revenue.

Billboard recently added YouTube into its "Hot 100" methodology, further solidifying its influence on the way we access music online.

[Image: Flickr user Podknox]

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