Spotify’s Next Big Move: Music Videos
Spotify, the world’s most popular music streaming service, is reportedly working to add music videos to its platform, which may add a new revenue stream for the company and enhance the user experience.
According to Bloomberg, Spotify is talking with potential partners for adding music videos to its platform, but it is unclear when this feature will roll out. Once available, this would put Spotify on par with Apple Music, which already streams music videos alongside audio and podcasts.
Spotify currently offers some video content, such as documentaries, exclusive video series, and short looping clips called Canvas, but it does not have a dedicated section for music videos. Spotify also plans to launch a high-fidelity audio tier called Spotify HiFi later this year, which will offer CD-quality sound for an extra fee.
Music videos could help Spotify attract more users and advertisers, as well as increase the engagement and retention of its existing subscribers. Music videos could also give Spotify an edge over its rivals in emerging markets, where video consumption is high and data costs are low.
Spotify has over 365 million monthly active users and 165 million premium subscribers as of June 2022. It is available in 178 countries and regions, and offers over 70 million tracks and 2.9 million podcasts. Apple Music, its closest competitor, has over 75 million subscribers and is available in 167 countries. It offers over 75 million tracks and supports spatial audio with Dolby Atmos.
