YouTube to launch music-streaming service to rival Spotify later this year

YouTube is planning to launch a subscription music service later this year that will aim capitalise on its dominance of the video sharing market in a bid to take on Spotify.

YouTube is owned by Google, which is also set to make a play in the lucrative music-streaming market, but reportedly has a negotiating team separate from that of its parent company.

Last month it was reported that Google was in talks with record labels in a bid to develop its own streaming service.

The current service, Google Play for Android, allows users to buy music, store it online and then access it from all of their devices.

The new service, also due out later this year, will reportedly offer access to millions of songs for a monthly subscription, much like Spotify, the dominant player in the market.

There will be some overlap between the YouTube and Google Play services, but the differences are likely to reflect the different place they occupy in the market.