Spotify is planning to enter the web video market

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By Larry Banks

Music streaming service Spotify is apparently making plans to enter the web video business, and may have already been in discussions with digital media companies about partnerships, according to the Wall Street Journal, citing people familiar with the matter.

Spotify creating original video series

Spotify is said to have been reaching out to companies that specialise in making content for YouTube (which is owned by Google), in order to acquire their material, and also to co-create original video series, Netflix-style.

Spotify could announce its video plans in May, the report said, however the company has so far declined to comment. Meanwhile, Spotify is close to completing a deal to raise $400 million putting it at more than $8.4 billion, we reported last month.

Spotify, which competes with similar music services such as Pandora and Apple’s Beats, said in January that it had 15 million subscribers and 60 million active users at the end of 2014.

The company has made waves recently in relation to what it calls anti-competitive behaviour from Apple, which is rumoured to be readying its new music streaming service. Apple’s new service is widely expected to be revealed at the forthcoming Worldwide Developers Conference in the beginning of June.

Source: Wall Street Journal

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