Spotify ( (SPOT) - Get Reportis on the move again. Shares of the streaming music service reached the $270 level following news of a foray into video streaming.

Business Insider reported the Swedish firm is launching exclusive video content with partners Comedy Central, Vice News, ABC, BBC, ESPN, and TED, among others.

Spotify is a rare business because it is taking apart legacy media distribution business models. The genius of the brand was not getting people to stream music. It wasn’t even figuring out all of the heavy lifting behind the scenes with technical networks and record labels.

What sets the company apart is its platform to disrupt traditional content distributors.

And with 130 million paid subscribers, according to data collected at Statista, Spotify is in a position to forge all sorts of weird new businesses built on a digital substrate.

Digital changed the business of music. It gave Spotify, a relative newcomer, the power to shape what music people listen to. Those changes make legacy catalogs less valuable. For a long time, those pricey music collections kept Spotify unprofitable because the record labels demanded 70% of all revenues.

Spotify negotiated new agreements in 2017 with its four largest music partners. Gross margins rose by seven percentage points, according to a research note from D.A. Davidson. And as the industry value chain shrinks further, Spotify plans to move aggressively to vertically integrate into concerts, merchandise, promotion and data analytics.

Moving into video is another new vertical. It’s not without risks.

Shares have risen 73% in 2020. The stock trades at 6.2x sales.

I’m a big fan of the business longer-term. The power Spotify wields within media distribution is a big competitive advantage. However, at the current share price, it’s too richly priced and overbought. Keep it high on your radar and wait for a better chance to pounce.