While the details haven't been completely hashed out yet, this could be an interesting attempt once again by the company to really enter into the music streaming segment.
According to Bloomberg, Warner Music Group has already inked a licensing deal for the platform.
The one major advantage YouTube could have over its rivals is a huge catalog of video content to complement its music library.
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As per Bloomberg's report, YouTube is finalizing the necessary deals to launch its own music streaming service.
The new service could help appease record-industry executives who have pushed for more revenue from YouTube. The platform has been known for the provision of free music for a long time.
At this point, it's unclear what the new music service will mean for YouTube Red, the company's other paid offering. The service is being called "Remix" internally, but there's no word on what it might be called when it does go live.
What do you think of the idea of a YouTube music streaming service? Google folded much of the staff for Google Play Music into YouTube earlier this year, and Cohen announced plans to create a new paid service. Talks with Sony and Universal, as well as Merlin-which represents hundreds of independent record labels-are apparently underway.