Spotify set to branch out into video streaming
Music streaming platform Spotify is to diversify its interests with a move into video, although it won’t be competing head-to-head with established players such as Netflix, YouTube and Hulu.
Reports in the Financial Times suggest the new-look service could launch as early as 20 May and will support rather than replace its core music business.
Spotify has grown to become the market leader for music streaming, amassing 60 million subscribers who benefit from its free service and a further 15 million who opt to pay for the privilege.
Reports suggest that Spotify is gearing up for an initial public offering after it hired Goldman Sachs to help it raise $500m, valuing the firm at more than $8bn.
Spotify’s move positions it as a rival to existing and planned services which promise to usher in a new era of online media with companies including Apple and Jay Z’s Tidal all muscling in on the sector.