Spotify is set to launch a video streaming service later this month.

Quoting people familiar with the matter, FT reports that its debut will be announced at a launch event in New York on May 20.

It adds that the service will be unlike Netflix or Hulu, instead supporting the company’s core music streaming business.

The latter currently has 60 million customers, with 75% opting for the free tier and the remaining 25% paying for the service.

Spotify is likely to have an IPO that could raise $500 million, valuing the company at over $8 billion.

It faces growing competition in the music streaming business, with YouTube and Apple both set to launch services, the former as soon as next month.