Spotify, the popular music streaming platform, is said to be contemplating the introduction of full-length music videos to its app, potentially turning the audio streaming service into a visual music experience. Bloomberg sources indicate that the company is exploring partnerships to facilitate this move, although it remains uncertain which entities would be backing this feature or when it would be implemented. Spotify has so far refrained from commenting on the matter.
Currently, the video content on Spotify is restricted to podcasts, brief 30-second narrative clips (where artists can share insights about their music), and 10-second looping GIFs that play as a song progresses. While the streaming giant did launch a feed akin to TikTok in March, it was designed more to aid discovery of music and podcasts rather than provide a platform for video consumption. In the past, the company experimented with TV content from outlets like Comedy Central and ESPN, but the initiative didn’t quite catch on.
The idea of incorporating music videos is not unique to music streaming platforms. Apple Music, for example, has offered music videos for several years. Incorporating music videos into Spotify would allow it to compete directly with Apple and could entice users who would typically watch music videos on platforms like YouTube. It would also enrich the new feed and could potentially attract viewers who are fans of music from social media platforms like Instagram and TikTok.
Though music videos don’t generate significant direct revenue themselves – YouTube pays creators a 55% share of ad revenue, translating to an average of $18 per 1,000 views that must then be split among all involved parties – they do supplement audio revenue and can enhance visibility for musicians.
Given the current economic climate and recent business errors, Spotify is under pressure to identify new revenue streams. Earlier this year, the company downsized a significant number of its employees, including 200 from the podcast team. Introducing music videos could potentially boost Spotify’s financial standing without necessitating a large production team, as is the case with podcasts.
Frequently Asked Questions (FAQs) about Spotify Music Videos
What new feature is Spotify reportedly considering to introduce?
Spotify is reportedly considering introducing full-length music videos to its app, transforming the music streaming service into a visual music experience.
Who are the potential partners Spotify might collaborate with for this new feature?
The potential partners that Spotify might collaborate with for this feature haven’t been disclosed yet.
What current video content does Spotify offer?
Currently, Spotify’s video content includes podcasts, brief 30-second narrative clips for artists to discuss their music, and 10-second looping GIFs that play alongside songs.
How could the addition of music videos affect Spotify’s revenue?
Although music videos do not generate significant direct revenue, they supplement audio income and can increase exposure for musicians. This could potentially boost Spotify’s financial standing.
Has Spotify previously tried to incorporate video content into their platform?
Yes, Spotify previously attempted to incorporate TV content from outlets like Comedy Central and ESPN into their platform, but the initiative did not gain much traction.
How might the introduction of music videos impact Spotify’s competition with other platforms?
The inclusion of music videos could make Spotify more competitive with other platforms like Apple Music and YouTube, which already offer music videos. It could also help attract more viewers from social media platforms like Instagram and TikTok.