Spotify and Tencent signs equity investment deal

Spotify and Tencent signs equity investment deal”

The current plan is to "incorporate elements from YouTube, such as video clips" into the new streaming platform, as well as directly rival Spotify with "standard" audio playing on smartphones, tablets and computers. Then, to provide unique original video content and uninterrupted music on mobile devices, the Google-owned YouTube launched YouTube Red.

Now a new report coming out of Bloomberg sheds more light on the matter.

The decision to push YouTube as the face of Google's revised service follows internal restructuring earlier this year that saw much of the Play Music team moved over to work on YouTube-related projects. Major advertisers have also abandoned YouTube after two renowned publications discovered that the video service had monetized videos with pedophiliac comments.

Stockholm-based Soundtrap allows its subscribers to have an online music studio and create music together with other people in real time, its website says.

Daniel Ek, Spotify's founder and chief executive, said, "Spotify and Tencent Music Entertainment see significant opportunities in the global music streaming market for all our users, artists, music and business partners".

Spotify is aiming to file its intention to float with USA regulators towards the end of this year to list in the first or second quarter next year, sources said in September. Terms of the deal were not disclosed.

Earlier this month it was announced YouTube has promised to enlist 10,000 staff in a bid to root out violent extremism and risky content.

These talks have reportedly been going on for more than a year.

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