(Reuters) - Music streaming service Spotify is laying plans to enter the Web video business and has been in discussions with several digital media players about potential partnerships, the Wall Street Journal said, citing people familiar with the matter.
The company has been reaching out to companies that specialize in making content for Google Inc’s YouTube to discuss both acquiring their material and co-creating original video series, the Journal said.
Spotify could announce its video plans as early as this month, the report said.
Spotify declined to comment.
The company is nearing a deal to raise $400 million, valuing it at $8.4 billion, the Wall Street Journal had reported last month.
Spotify, which competes with Pandora Media Inc and Apple Inc’s Beats, said in January it had 15 million subscribers and 60 million active users at the end of 2014.
Reporting by Kshitiz Goliya in Bengaluru; Editing by Sriraj Kalluvila