Spotify, the highly popular free and paid-for music streaming company, is apparently planning to launch a video streaming service that would be intended to take on services like Netflix and HBO. The news comes from Business Insider who apparently have the information from two sources, and are saying that Spotify wants to expand into the on-demand video market with the intention of investing in original programming, much like the recent efforts of Netflix and House of Cards.
Spotify is apparently trying to secure funding partners for the venture, in addition to reports that it is now estimated to be worth in excess of $3 billion. The production of original programming and distribution through company owned channels (a la Netflix and HBO), could generate significant amounts of revenue for Spotify, rather than simply relying on narrow margins of profit from music streaming.
Spotify have apparently declined to comment on the story, but if true, Spotify may target devices like the Apple TV for app development and distribution of content.