YouTube, which hired former Warner Music executive Lyor Cohen previous 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.
As for the music publishers, Warner Music Group has reportedly already signed on for the new project, but Sony Music Entertainment and Universal Music Group remain in talks, along with Merlin, a group that represents independent labels.
Its Google Play Music service hasn't taken off as it hoped, and its ad-free YouTube Red subscription service hasn't even launched in the UK.
Another gripe, the report says, is Google's inability to convert free visitors into paid customers.
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While YouTube's existing relationships with music labels could prove promising for securing all-important music exclusives, Google, which owns YouTube, has struggled to compete in this space so far.
According to sources, the service will be called Remix and is expected to feature on-demand music streaming like Spotify alongside a video clip element borrowed from YouTube.
Record label Warner Music Group has already confirmed its participation, the sources said. As such, with YouTube supposedly eyeing a March launch for the Remix platform, they would obviously need to figure out a way to significantly boost that subscriber base from YouTube Red's numbers. The new product will offer both music and video streaming.
"The popular video platform has also reached out the artists to "[promote] the new service".
MailOnline has contacted YouTube for comment.
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