After rumors started going around the internet about the fact that YouTube is considering on launching its own streaming service in the spring of 2018, now it’s been revealed that the company has officially signed a licensing agreement with Universal Music Group, as well as with Sony Music.

YouTube has already signed earlier this year a deal with Warner Music Group, so this means that the organization now has deals with all the major music labels, which signifies that if it is true that YouTube will launch its own streaming service, these deals will surely come in handy. The chairman and CEO of Universal released a statement on the deal, saying the following:

“This important step forward provides our recording artists and songwriters improved content flexibility and growing compensation from YouTube’s ad-supported and paid-subscription tiers.”