With Apple reportedly close to unveiling a revamped streaming music service, competitor Spotify is apparently on the road to diversifying its business model. A new report from The Wall Street Journal said the company is making plans to enter the crowded Internet video market.
Here’s more from the report:
Spotify has approached so-called multichannel networks that specialize in creating and distributing video for YouTube to discuss both acquiring their material and co-creating original video series, the people said. It also contacted some well-known traditional-media companies about potential alliances.
The proposed service would be available to both subscribers and non-subscribers and could also be supported by advertising at some point.
Spotify may announce the service later this month in at a special media event on Wednesday, May 20 in New York.
It would be an uphill battle for Spotify to actually make waves in the cutthroat video market. Along with Apple, other players include Google’s YouTube juggernaut, Facebook, Netflix, Amazon, and a whole host of others.
But adding a video component to its subscription service could easily help keep paying customers from defecting to Apple’s service once it is announced, probably at WWDC in June. And it could help expand the company’s reach as well.
I’ve been a long time Spotify subscriber, but I don’t know if a video component could stop me from defecting to Apple’s new solution.
For other news today, see: Let the commentary commence with Twicer, a smart video app for iOS, The popular design app Makr gets an Apple Pay update, and Break the world outdoor diving record in High Dive.