On March 13, 2024, music streaming giant Spotify announced its venture into the realm of music videos, a territory traditionally dominated by YouTube. In a statement, the company revealed the introduction of a beta version of music videos on its platform, starting with “select markets.”
Spotify stated that it would initially offer a limited catalog of hit music videos from global artists like Ed Sheeran, Doja Cat, and Ice Spice, as well as local favorites. These music videos would be accessible exclusively to paying subscribers in countries including the UK, Germany, Italy, the Netherlands, Poland, Sweden, Brazil, Colombia, the Philippines, Indonesia, and Kenya.
With over 600 million monthly users as of early February, including 236 million paying subscribers, Spotify aims to diversify its content offerings beyond audio streaming. This move places Spotify in direct competition with Google’s YouTube, a platform renowned for hosting some of the most-viewed music videos online, including chart-toppers like “Despacito” by Luis Fonsi, “Shape of You” by Ed Sheeran, and the viral sensation “Gangnam Style” by K-pop star Psy.
Spotify’s expansion into music videos represents a strategic investment to further fuel its growth trajectory, complementing its previous expansions into new markets and the acquisition of exclusive content such as podcasts.
PHOTO CREDIT: Naijalikes