business news

Spotify to Expand Into Video Streaming

Published by: Frank Galvano on 12th May 2015 | View all blogs by Frank Galvano

 

Spotify to Expand Into Video Streaming

The Wall Street Journal reported over the weekend that global music streaming leader Spotify is finalizing plans to begin producing and streaming video. According to the report, Spotify has been in negotiations for several months with companies that produce video content for YouTube. In addition to acquiring content, Spotify is also looking for partners to co-produce content with. The company could reveal its plans before the end of the month, according to the Journal piece, which cited an unnamed source familiar with the ongoing negotiations. 

 

At the end of 2014, Spotify reported it had 60 million total users, including 15 million paid subscribers. Popularity hasn't necessarily led to financial gains, however, as the company reported a $197 million loss last year despite higher revenue. The company's position as the world's streaming king is in jeopardy, meanwhile, as Jay Z just relaunched the Tidal streaming product and Apple is getting ready to unveil its own streaming service through Dr. Dre's Beats Audio, which Apple acquired late last year. The company has also been losing content in recent weeks as Taylor Swift, Jason Aldean and Justin Moore have all pulled their music from Spotify.

Comments

0 Comments

     
Please login or sign up to post on this network.
Click here to sign up now.