Spotify is working on its own YouTube competitor

The launch of Apple’s new music streaming service is gonna hit Spotify hard, but the company isn’t just going to sit around and wait for the blow. In fact, Spotify is preparing its own video service similar to YouTube, which the company has been working on for quite some time now. Should this prove successful, it won’t really matter how much damage Apple does. 

The all-but-confirmed launch of Apple’s streaming music service in June has some competitors exploring alternative sources of revenue. According to the Wall Street Journal, Spotify, one of the largest and most prominent music streaming services on the block, is laying the groundwork for its own Web video business. As one might assume, the plan to jump into video isn’t exactly spur-of-the-moment — Spotify has apparently been in discussions with well-known digital content producers about potential partnerships, including traditional outlets and companies that specialize in making videos for YouTube, for quite some time. So far, the company discussed acquiring and co-creating original series for a platform it could unveil as early as May 20 — which also happens to be the date of Spotify’s recently-announced press event in New York City.