All Sections

Spotify is making plans to join the world of video streaming

Spotify could soon move beyond its audio-only comfort zone and into the world of video-steaming, according to reports.

According to the Financial Times, the people behind the successful music service have been in contact with providers over potential deals which would see them secure both existing media and commission original content.

The service has been a resounding success since its 2008 launch and now boasts over 60 million active users and 15 million paying subscribers, who chime-in monthly for premium access to the rapidly expanding catalogue of music on offer, rather than enduring the ad-driven, free version.

The new arm of the service will not be comparable to the likes of Netflix, say the FT, citing sources close to the matter, but will be more on a par with YouTube, which itself has a premium component in the offing.

Some of those contacted over potential partnership include multi-channel network, Fullscreen, which recently announced plans to move into feature-length movies, Tastemade, the food and travel video provider behind shows like Grill Iron, and Maker Studios, perhaps best known for PewDiePie & Friends.

Spotify has remained tight-lipped over its plans, despite rumours surrounding an expansion into visual content, but the new portion of its service could be unveiled as early as May 20th. A media event for the company is scheduled to take place in New York, though nothing has been confirmed.

Expanding into the hyper-competitive world of video-streaming could be a huge move for Spotify, as it looks to diversify its roster in order to better fend off competition from the likes of Jay-Z’s Tidal and Apple’s upcoming music service, which will be powered by the Beats brand that it acquired from Dr Dre and Jimmy Iovine for $3 billion last year.

Comments