Streaming leader Spotify has announced an entry into video and original content, hoping to expand its reach beyond music.

Spotify, by far the largest company in the booming streaming industry, said it was updating its platform to support videos and would offer news and other non-music content provided by major media companies.

The eight-year-old Swedish company's founder and chief executive Daniel Ek said that Spotify was responding to the all-encompassing importance of smartphones in modern life.

"There is a profound change happening in music and it's something we couldn't have foreseen when we started the company," Ek told a launch event in New York.

"It's the biggest chance since the inception of sound recording," he said.

Ek said that Spotify had partnered with a wide range of media companies including major US networks, Vice and the BBC.

While linking to the media companies' own production, Spotify said it would also aim to offer original content.

Spotify said it would also work to personalize streaming, including through a feature that would select music to match the pace of running.

The feature was designed by star Dutch DJ Tiesto, who told the event that he knew many of his fans worked out to his music.

Ek said that the updated platform would be available immediately in the United States, Britain, Germany and Sweden, and would be rolled out to other countries in the coming weeks.

The upgrade of Spotify's platform comes as the streaming leader faces growing competition.

Rap mogul Jay Z recently launched a redesigned Tidal, a streaming platform that offers video and exclusively broadcast two of his concerts last weekend.

Apple - long the giant of digital music through iTunes - is expected to unveil an updated streaming service soon.