YouTube music streaming service will reportedly launch this year

Recent reports have suggested that Google (GOOG) is interested in launching a music streaming service to compete with Pandora (P) and Spotify. According to Fortune, the company is looking to launch the service through its YouTube brand later this year. The service also is expected to have some overlap with new features that are rumored to arrive in the Google Play Store. Both services are said to incorporate subscription fees that will unlock additional features, such as ad-free YouTube streaming. A Google spokesperson confirmed that “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.” Earlier reports claimed that paid subscription options for individual YouTube channels are scheduled to roll out this spring.