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Spotify making moves to compete with YouTube

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Music-streaming company Spotify is to give YouTube some competition by entering the Web-video market, according to a report by The Wall Street Journal.

The company is said to be in talks with “multichannel networks” that craft YouTube videos, with discussions covering the potential co-creation of original video series and the acquisition of material. Team-ups with some traditional-media companies, including Time Inc., Tastemade and Maker Sutios, are also on the table.

Spotify is no doubt wanting a bigger chance of profit, after yearly reports continued to show a lack of revenue for the company. Spotify announced a net loss of $US65.6 million in 2013, which followed a $US81.62 million net loss the year prior.

The Wall Street Journal had previously reported that Spotify was after over $400 million in a new round of investment, which would have the company targeting a value of more than $8.4 billion. The move into the video sector could very well be backed by those funds.

According to those in the know, Spotify could be announcing its moves to tackle video “as early as this month”.