Spotify has taken over the streaming music world, and the company is reportedly trying to expand into online video, according to a recent Wall Street Journal report. Spotify has approached a few different digital media companies, gauging interest in partnerships, in an effort to launch created material and acquire videos.
Time Inc, Maker Studios, Fullscreen and Tastemade are speaking with Spotify, with a possible announcement coming as soon as May 20.
"So many companies have doubled down in this space that differentiation and monetization are going to be increasingly difficult," said Paul Verna, analyst at eMarketer, in a statement to WSJ. Verna believes Pandora, one of Spotify's numerous rivals in the streaming music business, could also try for a streaming video service.
Spotify has 15 million paying subscribers - and 60 million total users - but hasn't turned a profit, largely due to insane licensing agreements with record labels.
Last updated: Jun 16, 2020 at 04:29 pm CDT
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