Spotify may be trying to launch a video streaming business

Spotify logoOn Thursday, the Wall Street Journal reported that music streaming service Spotify is trying to get into Web video. Sources speaking to the paper said that the company has begun reaching out to content creators in the hopes of building out into a new business sector.

Specifically, sources say that Spotify is talking to YouTube affiliates “to discuss both acquiring their material and co-creating original video series.” The service is also speaking with traditional media companies. The same sources suggest that Spotify could announce its video streaming plans as early as this month.

Spotify's website says it has more than 60 million active users, of which 15 million are paying subscribers. Still, the company has yet to turn a profit.

Nevertheless, the company solidified a partnership with Sony earlier this year to make Spotify the official music streaming app for PlayStation. Spotify also announced last fall that it would be offering family plans to bring in more members. Video streaming could be seen as a logical next step, especially considering recent news that YouTube might be moving toward offering subscription services for ad-free video.

Producing original content is also a growing trend among media streaming companies. Netflix and Amazon have seen considerable success with that strategy, with Amazon even announcing that it would be producing content for theatrical release.

Source: Ars Technica

Tags: Spotify

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