Music-streaming service Spotify is working to launch a video service pegged to take on Netflix and others, reports Business Insider.
It's an interesting move for the company, which has focused on deals with record labels to offer unlimited music streaming to users at a monthly rate in many countries worldwide. A video-streaming service would signal a new shift for a company that is already worth billions.
According to Business Insider, Spotify is working to make exclusive video content, something it already does with music. Netflix took a similar approach with its House of Cards series, which has been generally well received by viewers. Thanks to $100 million in recent funding from Coca-Cola and Goldman Sachs, producing such content could be within reach for Spotify.
No details have been provided on the specifics of the service, just that it is in the works. The rumour comes at a time when Spotify is believed to be being taken on at its own music-streaming game by Google, Apple and Amazon, all of which are said to be working on their own music-streaming solution. A video service could be added revenue for Spotify.
We've reached out to Spotify in hope of learning more.