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Though it isn't yet ready for the big announcement, YouTube is gearing up to launch a subscription music service later this year, reports Billboard, citing anonymous sources.

It's a crowded marketplace, but the Google-owned company isn't straying too far from what it's best known for; the service will be "akin to a Spotify, but with video." Unsurprisingly, reports have emphasized the tough competition YouTube is adding to the field of other well-established streaming services. The company is "positioning it to compete with Spotify, Rdio and other digital offerings," reports The Los Angeles Times, while Mashable wonders if YouTube is "about to take on Spotify."

But YouTube's most formidable competition may well turn out to be itself. As The L.A. Times rightly notes, it's already "the most popular on-demand music offering in the world," shooting well past Spotify—which still struggles to turn its popularity into profits—and old-school radio as the number one way millennials hear music. A 2012 Nielsen study found that teens listen to music on YouTube more than any other source, which makes sense as far as instant-gratification stereotypes are concerned: it's faster than downloading (legally or otherwise), cheaper than paying, and more convenient than signing up for and navigating a service like Spotify, especially if you don't care about hearing full albums in sequence.