"Get ready for a lot more video content on Spotify. Sometime later this month, the service will start incorporating music videos into its app, and give US-based subscribers the ability to easily switch back and forth between audio and video versions of many popular songs. And Spotify isn't stopping there. "We're not just building features; we're creating a best-in-class video experience to rival the biggest players, like YouTube or TikTok," the company declared in a recent job listing."
"Spotify's expansion into music videos comes after the company struck licensing agreements with the major labels and the National Music Publishers' Association this fall that specifically included provisions for audiovisual rights. "These deals secure broader video rights that we've long needed," explained Spotify's chief business officer, Alex Norström, on the company's most recent earnings call last month. "This was a critical strategic objective for us because it unlocks our ability to innovate and launch more products and features.""
Spotify will add music videos to its app later this month, letting US subscribers switch between audio and video versions of many songs. The company is pursuing a broader video strategy and aims to build a best-in-class video experience to rival YouTube and TikTok. Recent licensing agreements with major labels and the National Music Publishers' Association include audiovisual rights that enable video features. Spotify reports nearly half a million video podcasts and shows, with more than 390 million users having streamed video podcasts and viewing time more than doubling year over year. Industry analysts see the video expansion as a response to market saturation in Western music streaming.
Read at The Verge
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