YouTube may soon sing the tune of streaming music with own service

YouTube may soon sing the tune of streaming music with own service
Not the only streaming music service in the world

YouTube is reportedly readying its own streaming music service for later this year, as Google is preparing to take the necessary steps to compete with services like Spotify, Pandora and Soundhound.

The news comes at a time when the streaming music industry is growing stronger by the second, with more and more consumers making use of the various tune services every day.

Though the record industry is still skeptical about streaming music as a viable revenue source, major players like Apple (rumored) and Beats by Dr. Dre are regularly entering the crowded marketplace.

However, the one big advantage YouTube will have on the competition is its 800 million-plus monthly users.

Radio Google

Sources in the record industry revealed to Fortune the prospective plan, which was also apparently confirmed by an anonymous source from Google itself.

YouTube would feature a free subscription that would include ads while listening as well as a paid ad-free version that would include undisclosed special features.

These same special features would also be offered in a new paid subscription-based version of Google Play, the Android music app.

Though you can already purchase, listen to, and store music in Google Play, the paid subscription would include additional perks.

Despite Google and YouTube's pedigree, the recording industry is still wary of adopting a freemium model when it comes to music catalogs.

It will likely be awhile until YouTube's streaming service is ready, which gives Google plenty of time to convince the record industry and the listening public that this service, if it is indeed in the works, is a chart topper.

TechRadar asked YouTube for comment, and received this response from a spokesperson: "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."

Stay tuned.