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Spotify to add video streaming

Spotify is reportedly working on a video-streaming service that will complement its music platform.  The privately-owned Swedish group is set to unveil the service at a launch event in New York on May 20th.

The Spotify video service will not rival the likes of Netflix and Amazon Prime, but support the company’s core music service.

Spotify is the market leader in music streaming, with 60 million subscribers. Most of them use its free tier but 15 million pay for the service. Despite the strong subscriber numbers, the company is still struggling to profit – with losses this week reported to have grown to $197 million.

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