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Google's YouTube will launch a music streaming service subsequent week, it said on Thursday, trying to make use of its widespread internet video model to tap the growing marketplace for paid music streaming. YouTube Music will launch on May 22, and embody options corresponding to customized playlists primarily based on a user's YouTube history.

The service is anticipated to eventually replace Google Play Music, the Alphabet Inc unit's current music streaming brand. The news despatched stocks of music streaming firms Spotify and Pandora decrease by about 2 percent on Thursday morning. Ali Mogharabi, analyst at Morningstar Analysis. The growing adoption of paid music streaming has helped wean a technology of music listeners away from free or pirated music, and has led to providers equivalent to Spotify and Apple Music changing into the recording trade's single biggest income supply.

Income from music streaming providers overtook sales of CDs and digital downloads for the first time in 2017, according to the International Federation of the Phonographic Industry. YouTube Music will launch within the United States, Australia, New Zealand, Mexico and South Korea on May 22. It'll roll out to more international locations, including Canada, in the following weeks.

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