YouTube has the advantage of being owned by Google which means it already has many of the required licenses and deals with the record labels thanks to Google's subscription All Access Music. Any while many music fans already use YouTube to find and listen to music, Google would like to monetize this, offering the paid service for about $10 a month. A tie in with Google Glass is a possibility for those who go with the premium version.
While no launch date has been discussed, YouTube is said to be trying to get to the market ahead of the music service coming from Beats Audio.
source: Billboard via AndroidCentral