Spotify is reportedly planning to announce an expansion into video streaming at its media event in New York on May 20.
The Financial Times’ sources claims the videos will be geared towards supporting the Swedish company’s “core music service.”
There are no plans to rival the likes of Netflix and Hulu, according to the report, but Spotify will be targeting YouTube.
The Google-owned video company announced a paid subscription service called YouTube Music Key late last year, which allows users to watch music videos without dealing with pre-roll ads.
Spotify’s announcement may also be preempting Apple’s imminent relaunch of Beats Music as a branded service. Reports have claimed Apple plans to announce an Apple Music service at WWDC early next month.
Read more: Tidal review: Is Jay-Z’s streaming service a Spotify killer?
Spotify confirmed plans for the media event earlier on Thursday with an invite to media simply saying “we’ve got some news.”
The firm naturally recognises that after almost half a decade of dominance, there are some rivals with pretty deep pockets coming after their share of the pie.
Speculation suggesting the company plans to add video into the mix certainly adds intrigue ahead of the May 20 media soiree.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
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We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.