YouTube is going to launch a new music streaming service which will open up a whole new revenue stream for record companies. The plan is to launch a paid-subscription music streaming service later this year, Fortune reports.

A YouTube spokesperson provided the following statement:
"While we don't comment on rumor or speculation, 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."

A subscription model could provide record companies with a revenue stream that doesn't solely depend on selling ads against music videos.

[Image: Flickr user Podknox]