In an effort to expand its feature portfolio and compete with rivals, Spotify is reportedly considering the addition of full-length music videos to its platform. While the streaming service has declined to comment, sources from Bloomberg reveal that Spotify is in talks with potential partners to make this feature a reality. Although it remains uncertain who would support this new offering and when it might be available, this move could significantly enhance the user experience on the popular music streaming platform.
Spotify Canvas is similar, but the new feature will include full music videos
Currently, Spotify’s video content is limited to podcasts, short storytelling clips, and looping GIFs that accompany songs. While the company introduced a TikTok-like home feed earlier this year, it primarily focuses on music and podcast discovery rather than video viewing. Previous attempts by Spotify to incorporate TV content from networks like Comedy Central and ESPN were not successful.
The idea of incorporating music videos into streaming music services is not new, as Apple Music has been offering this feature for years. However, Spotify’s inclusion of music videos would help it rival Apple’s offerings and potentially attract users who would otherwise watch videos on YouTube. Furthermore, it would provide additional content for the new feed and entice music enthusiasts from popular social networks such as Instagram and TikTok.
Although music videos themselves do not generate significant direct revenue, they serve as a supplement to audio income and increase exposure for musicians. Platforms like YouTube offer creators a share of ad revenue, with an average of $18 per 1,000 views, which is then divided among artists, labels, and other stakeholders. The inclusion of music videos on Spotify could serve as an additional revenue stream for the company, especially considering the recent staff layoffs it underwent to mitigate economic challenges and business missteps.
By adding music videos to its platform, Spotify aims to diversify its content and potentially boost its financial outlook. Unlike podcasts, which require a large production team, music videos could improve the company’s finances without significant resource investments.
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(Via)
