Spotify may be the current king of the streaming music market, but competition is getting stiffer by the day - especially with Apple expected to launch its own branded service next month at WWDC. So what's a company to do? Diversify.
Apparently, Spotify's plan is to get into video - and not even music videos, although we wouldn't be surprised in the slightest to see those, as well. Instead, Spotify seems intent on becoming a viable competitor to the likes of YouTube and other top streaming video services when it comes to original content.
According to the Wall Street Journal, Spotify has been actively trying to bring in content from top existing YouTube creators, whether it's acquiring their popular videos or even collaborating on new series exclusive to Spotify. And the company has also been in touch with more traditional media companies, says the report.
As with its music offerings, the videos will likely be available to both paying subscribers and non-paying users, who would surely see advertising as part of the arrangement. Taking on YouTube seems like a daunting task, but then again, Spotify stunned the music industry and forced Apple to reconsider its own digital media strategy. And its existing userbase is huge.
It might all be revealed soon, as well. Spotify sent out invitations today for an event on 20 May in New York, although no obvious hints were provided beyond the message, "We've got some news." Trying to become a giant in another streaming media space sure sounds like news to us.