Spotify planning to take on YouTube with video content

After becoming one of the most well-known music streaming service providers, it seems that Spotify is about to take a leap further as, according to reports, the company plans to expand its service to providing video content as well, in an aim to grow profits.

Out of its current crop of registered users, only around a quarter actually pay for the Swedish company's service, as only 15 million out of the 60 million user have forked out for the $9.99 per month ad-free option.

To push further for the reported expansion of service, Spotify is said to be in talks with digital companies for partnership plans, and with content creators for multi-channel sites - such as YouTube - for acquisition and content creation plans.

Like the music streaming service, the new planned content is envisioned to be available to both subscribers and non-subscribers, the latter of which will feature advertisements.

The company has announced a press event on 20 May, but has not revealed any details about the event apart from a tease that says "We've got some news." It is still uncertain whether Spotify is announcing news related to this expected new service.

While the new service may allow Spotify to tap a wider market, this may not be an easy job given that YouTube is already taking 45 per cent of the market share and one of its competitors, Tidal, is already providing access to music videos.