Spotify to take on YouTube

Spotify is believed to be planning an online video site to take on YouTube.

It is believed the new service could be revealed at a special event in New York on the 20th.

The firm is also said to have already had discussion with many of YouTube's leading video makers in a bid to poach them

'Spotify is hoping to get an advantage in producing video based on the....
data it already has about consumers from their music-listening habits, the people familiar with the plans say,' according to the Wall Street Journal.

For example, music users who elect to listen to songs in Spotify's 'chill' genre may be targeted with different content than those who listen to music targeted for working out or travel..

The move comes as Spotify is facing intensified competition in the streaming music space, with rivals including Pandora., Apple Inc.'s Beats and Jay-Z's Tidal.

With 60 million users in January, of which 15 million pay $9.99 a month for the ad-free premium service, Spotify has yet to turn a profit.

However, the company is nearing a deal to raise $400 million, valuing it at $8.4 billion, the Wall Street Journal had reported last month.

Apple is set to unveil its Beats streaming music service in June - but consumers may have to wait to use it, it has been claimed.

The firm is expected to show off the Spotify killer at its annual developer conference in San Francisco.

However, it is believed delays with signing up record labels could cause it's public launch to be delayed.

According to Billboard, industry sources say Apple does not have the necessary licensing deals a month before the Apple Worldwide Developers Conference that will take place from June 8th to 12th.

There are even rumours Apple will add social networking features in which people can follow artists, for example.

Beats Music costs $9.99 a month, which puts it on par with the likes of Spotify and Rdio, but an Apple service could undercut this price.

9to5Mac said Apple had initially discussed charging $5, but it's more likely to charge $7.99 per month.

Elsewhere, a version of the service could also be made available for Android phones.

Beats Music is already available on Android devices.

Reports of a bundled subscription service originated in the Financial Times in November.

At that time, sources said the streaming service would launch as early as March, but this is now said to have been delayed.

Apple has previously announced updates to its music range, such as iTunes Radio in 2013, at its annual developer's conference and it may instead unveil the streaming service at this year's event, likely to take place in June.

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