Web-based streaming music provider Spotify is reportedly preparing to launch a new service that will add new radio and content discovery elements to its portfolio. Citing multiple unnamed sources, Bloomberg on Thursday reported that Spotify is developing a new online radio service that will compete directly with Pandora. Due to launch by the end of this year, the ad-supported service will allow users to stream unlimited music through Spotify’s software, and the service may launch with new music content that is not currently available to Spotify customers. It is unclear exactly how the new offering will differ from Spotify Radio, which was unveiled late last year as an artist-based streaming radio service available for free to all Spotify users. The company’s current core product allows Spotify’s 10 million users to stream music from its online catalog in an iTunes-like player that also allows subscribers to search for content, create playlists and share content with friends.