Spotify plans to enter Web video business: WSJ

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The company has been reaching out to companies that specialize in making content for Google Inc's YouTube to discuss both acquiring their material and co-creating original video series, the Journal said.

Spotify could announce its video plans as early as this month, the report said.

Spotify could not be reached for comment.

The company is nearing a deal to raise $400 million, valuing it at $8.4 billion, the Wall Street Journal had reported last month.

Spotify, which competes with Pandora Media Inc and Apple Inc's Beats, said in January it had 15 million subscribers and 60 million active users at the end of 2014.

(Reporting by Kshitiz Goliya in Bengaluru)

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