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In an attempt to catch up with the music streaming apps Spotify and Apple Inc., Alphabet Inc. will give a third shot at launching YoutTube's new music streaming service. 

The music streaming service will launch in March and has been named 'Remix'. The new service will offer both music and video. 

According to the popular tech portal, Warner Music Group has already signed up to be a part of the service and YouTube is in talks with two other label giants – Sony Music Entertainment and Universal Music Group. 

One of the objectives behind the launch of the service is said to be the lack of revenue that comes from YouTube as a video streaming site. YouTube's music service will help raise revenue for music labels. The company has not had a successful run like Spotify, which has nearly 140 million monthly users or Apple, which has over 30 million subscribers when it comes to paid music service. 

Alphabet Inc. has in the past launched Google Play Music, YouTube Music Key, and its failure lead it to launch Youtube Red in 2015, which had just 1.5 million subscribers a year. The new service will be a mash-up of both audio and video services. Though the focus will be on 'audio-only', users can access video clips. Since YouTube is yet to sign up two major music labels, one has to wait and watch if the launch of this new service will take place in March.



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