Spotify to Add Video Content, Announces New Partnerships
Music streaming service Spotify will start offering video content with partners including Comedy Central and Vice News as it moves to expand beyond its core business, the company announced Wednesday.
At a press event, Spotify also detailed plans for news and podcast offerings through the partnerships. The company touted an emphasis on personalized playlists and content moving forward.
"There's an incredible opportunity to soundtrack your entire day and your entire life. We're taking a huge leap to give it to you," said Spotify CEO Daniel Ek.
The popular streaming service has more than 60 million users and more than 15 million paid subscribers globally. Its newest relationships come on the heels of a music deal with Starbucks, which was unveiled on Monday.
Additional media partners unveiled Wednesday range from Disney to ESPN and MTV. Certain content from partners like Nerdist will be available on Spotify hours before it is released anywhere else.
Spotify also outlined a deal with sports apparel company Nike that will bring its music to Nike's running app.
The company's diversification comes as it faces increased competition in the music streaming space. Rapper Jay Z recently launched Tidal, a streaming service in which musicians hold majority ownership. Apple is widely expected to join the market after its acquisition of Beats Music last year.
Spotify's valuation has reportedly topped $8 billion, more than double the market capitalization of public streaming rival Pandora.— CNBC's Michelle Castillo and Jon Fortt contributed to this report.