iNVEZZ.com, Thursday, August 21: (NASDAQ:GOOGL), YouTube subscription-based music service will be called YouTube Music Key, according to a report from Android Police.
The world’s largest Internet search firm recently confirmed reports that it plans to launch a competitor to Spotify, based on its popular video-sharing platform YouTube (). However, until now, there hasn’t been much information about the service.
Earlier this week Android Police showed a number of leaked images, which suggested that the service will cost $9.99 a month and will offer millions of high quality music tracks.
In yesterday’s trading, Google shares closed down 0.3 percent at $595.41.
The growing popularity of Internet music services such as Spotify and Pandora has prompted some of the world’s largest technology companies to attempt to tap into this burgeoning market. Apple Inc (NASDAQ:AAPL), for example, earlier this year spent $3 billion to buy Beats Electronics, a company that owns a subscription-based online music platform called Beats Music (). As for Google, the online search giant has already launched a paid online music service called Play Music All Access in 2011. According to Android Police, this service will now be rebranded as Google Play Music Key. It is expected that it will link in with the new service.
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YouTube Music Play will be ad-free and will offer more than 20 million songs for users to choose from. Some of the leaked screenshots suggest that the service will also allow music lovers to listen to concert footage, covers and remixes in addition to the official discographies of artists.
The service will be available through a browser on a computer as well as through smartphones, tablets and Google’s Chromecast streaming media stick.
Android Police also reported that Google had acquired the domain youtubemusickey.com.
**Analysts on Google**
According to CNNMoney, the 42 analysts offering 12-month price forecasts for Google have a median target of $670.00, with a high estimate of $750.00 and a low estimate of $570.00. The current consensus among 47 polled investment analysts is to “buy” shares in the company, the website notes.
**As of 14:30 BST buy Google shares at $594.80**
**As of 14:30 BST sell Google shares at $594.11**