Spotify plans to enter web video business - report

Washington - 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 specialise in making content for Google'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 $400m, valuing it at $8.4bn, the Wall Street Journal had reported in April.

Spotify, which competes with Pandora Media and Apple's Beats, said in January it had 15 million subscribers and 60 million active users at the end of 2014.