Bloomberg News reported that Spotify plans to add full-length music video content to its service, allowing users to enjoy a more immersive experience through video content in addition to listening to music.
Prior to this, Spotify has added short videos of dozens of seconds to its podcast services, or presented dynamic content with 10-second GIF animations when specific songs were played. Not long ago, it also launched short videos similar to TikTok, allowing users to discover more music or podcasts.
With the rumored addition of full-length video content, Spotify is clearly aiming to further compete with similar services like YouTube and Apple Music. However, given that video content itself doesn't directly generate significant revenue, its primary purpose is to attract users to listen to music and increase exposure for creators, indirectly increasing the use of their content and boosting advertising revenue opportunities.
Spotify is currently continuing to explore new revenue sources to balance the operating costs behind global service usage and the business development failures caused by factors such as global economic development uncertainty.
