Spotify decline to comment on reports they will launch video streaming service

Company behind streaming service reported to be creating original video series as part of diversification

Spotify have declined to comment on reports that they are planning to take on YouTube in the video streaming market.

The Wall Street Journal reports that the leading subscription music streaming service, valued at $8.4 billion (£5.4 billion), is in talks with multi-channel YouTube networks such as Maker Studios and AwesomenessTV about potential partnerships, which could involve creating original series as well as acquiring existing content.

Additionally, Billboard reports that the company could announce video plans on May 20 at a press conference in New York City. “We’ve got some news” is Spotify’s only tease for the event.

However, approached for comment by NME, a spokesperson for Spotify confirmed that the company would not be commenting on the speculation.

Meanwhile, a recent report claims Spotify is now worth more than the entire US music industry combined.

For the first time in history, revenue maintained from music streaming services has exceeded CD sales. Now, after receiving £265 million ($400 million) in funding, The Wall Street Journal reports that Spotify is currently worth more than the US recorded music industry as a whole.

The streaming service is now reported to have an estimated net value of £5.5 billion ($8.4 billion), which is said to be more than double of Pandora, its nearest rival, worth an estimated £2.3 billion ($3.5 billion) in its current state. In 2014, the revenue of the music industry was £4.62 billion ($6.97 billion), which includes physical sales, digital purchases and also streaming.

The Recording Industry Association of America (RIAA) have said that streaming income makes up 27% of the money made by the music industry, and Spotify is a large contributor to this percentage. However, the Swedish-founded company is still worth every retail music revenue source in the US put together.