Spotify Plans To Enter The Web Video Business

Music streaming service Spotify is laying plans to enter the Web video business and has been in discussions with several digital media players about potential partnerships, the Wall Street Journal said, citing people familiar with the matter.

The streaming service sent out invitations to a media event that is set to take place on Wednesday, May 20th, though no details were revealed on what will be unveiled during the event.

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The Wall Street Journal also notes that the web video content will be available to both subscribers and non-subscribers, similar to how Spotify currently handles music streaming.

The company has been reaching out to companies that specialise in making content for Google Inc's YouTube to discuss both acquiring their material and co-creating original video series, the Journal said.

Spotify, which competes with Pandora and Apple's Beats, said in January it had 15 million subscribers and 60 million active users at the end of 2014.

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The privately held Swedish streaming platform is focussing on emerging markets after raising $100 million (roughly Rs. 641 crores) in 2012 to support that growth.