Spotify will reportedly soon enter the web video business

Popular music streaming service Spotify may be making its way into the extremely competitive web video business, and could announce its plans to enter this market as early as this month.

According to unnamed sources out of The Wall Street Journal, Spotify has been in talks with several digital media players about possible partnerships to enter the web video market. The streaming service sent out invitations to a media event that is set to take place on Wednesday, May 20th, though no details were revealed on what will be unveiled during the event.

The report goes on to explain:

The closely-held streaming service, which has shaken up the recording industry over the past few years, has been reaching out to companies that specialize in making content for YouTube to discuss both acquiring their material and co-creating original video series, said people familiar with the matter. Spotify has also reached out to some well-known traditional media companies.

The Wall Street Journal also notes that the web video content will be available to both subscribers and non-subscribers, similar to how Spotify currently handles music streaming. Of course, this is an area already dominated by a number of huge players, most notably, YouTube. Other services like Facebook, Twitter and Vessel have also been on the rise in terms of popularity, though these players have been in the web video service for years.

We’ll be sure to let you know if we hear anything regarding the event on the 20th.