Spotify Is Testing Full-Length Music Videos. Know All Details
Spotify recently announced that it has surpassed more than 100,000 podcasts with video.
In a bid to give competition to the likes of Alphabet-owned YouTube and TikTok, Swedish music streaming giant Spotify is currently testing full-length music videos in the app. Spotify is already in talks with partners about the product, according to people familiar with the plan who asked not to be identified, says a report by news agency Bloomberg. Spotify recently announced that it has surpassed more than 100,000 podcasts with video.
To recall, earlier in March, Spotify had launched a music home screen, similar to TikTok, which allows users to preview and swipe through surfacing videos before committing to listen to a full track.
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Spotify is responding to growing competition for the Gen Z audience through YouTube and TikTok. YouTube operates a streaming music service and appeals to fans with full-length music videos, as well as the more concise Shorts by YouTube. It has also added podcasts to YouTube Music. ByteDance has reportedly looked to expand its music streaming service Resso, which already operates in countries where Spotify is offered, and TikTok has become an important discovery platform for musical artists, the Bloomberg report added.
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The Swedish music streaming giant announced its first quarter (Q1) financial performance in April and said more than half a billion people or 515 million people are using Spotify on a monthly basis. This is Spotify's strongest quarter since it was launched in 2018. Spotify's Monthly Active Users (MAUs) grew by 22 per cent year-over-year (YoY) to 515 million, driven by strength in both developed and developing markets, and nearly all age groups. Dominated by Latin America and Europe, Spotify's premium subscribers grew 15 per cent YoY to 210 million with outperformance across all regions.
To recall, earlier in February, Spotify had announced that its premium subscribers base has hit 205 million, representing a 14 per cent increase YoY. With that addition, Spotify had outpaced the likes of rivals Amazon Music and Apple Music to become the world's first music streaming company to achieve the premium user base.
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