Get All Access for $5/mo

Spotify to Add Video Content, Announces New Partnerships The music streaming service is making moves to expand beyond its core business.

By Jacob Pramuk

This story originally appeared on CNBC

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.

Jacob Pramuk is a News associate  Digital.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Branding

ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.

AI can be instrumental in building your brand and boosting awareness, but the right approach is critical. A custom GPT delivers tailored collateral based on your ethos, personality and unique positioning factors.

Business News

Is the AI Industry Consolidating? Hugging Face CEO Says More AI Entrepreneurs Are Looking to Be Acquired

Clément Delangue, the CEO of Hugging Face, a $4.5 billion startup, says he gets at least 10 acquisition requests a week and it's "increased quite a lot."

Growing a Business

He Immigrated to the U.S. and Got a Job at McDonald's — Then His Aversion to Being 'Too Comfortable' Led to a Fast-Growing Company That's Hard to Miss

Voyo Popovic launched his moving and storage company in 2018 — and he's been innovating in the industry ever since.

Business News

You Can Now Apply to Renew Your U.S. Passport Online — But There's a Catch

The U.S. State Department officially launched the beta program this week.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Apple Reportedly Isn't Paying OpenAI to Use ChatGPT in iPhones

The next big iPhone update brings ChatGPT directly to Apple devices.