Tesla looks to launch its own streaming service

That’s according to tech site Recode, whose sources suggest that Tesla has already held discussions with major labels regarding licensing deals for a prospective music streaming service.

Tesla is reportedly looking at launching multiple tiers of pricing, starting with a ‘Pandora-like web radio offering’.

The company sold under 100,000 cars last year, but has attracted around 400,000 pre-orders for its new Model 3 vehicle.

South Africa-born entrepreneur Elon Musk (pictured) has an estimated net worth in excess of $15bn.

According to Midia Research, Spotify and Apple claimed an approximate 64% market share of global streaming subscribers last year.

Spotify revealed earlier this month that it now has more than 140m active monthly users, of which around 53m are believed to be paying subs.

Thomas Fiss