Spotify is reportedly planning to expand into the web-video business.
According to the Wall Street Journal, the streaming service has been in talks with several digital-media companies that specialize in creating and distributing video for YouTube to discuss both acquiring their material and/or co-creating original video series.
These companies include Time Inc., Tastemade, Maker Studios and Fullscreen.
There’s no official announcement yet, but Spotify is holding a media event on May 20 in New York. However, they’ve offered no details.
Despite raising millions in funding, Spotify has yet to turn a profit in the streaming-music industry.
In January, the company said it had 60 million users going into 2015, 15 million of which were paying $9.99 a month for its ad-free premium service.