Spotify to add video to its service: Everything you need to know

Spotify has been dominating the streaming music industry for years and is now gearing up to add a feature supporting videos and pay creators for their content on the platform, according to a report. 

The Sweden-based firm’s initiative marks a natural progression aimed at acknowledging and financially valuing the creators’ efforts. 

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Spotify to pay video creators

The platform already offers music, podcasts, and audiobooks to its users and now wants to add a video service to pay online creators for their videos making them stick to the app, according to Bloomberg.

However, one of the potential repercussions of Spotify’s new strategy is that paying the creators for their videos, already known as one of the pricier streaming platforms, is now required to spend money becoming the most expensive streaming service whose subscription recently escalated to $11.99, charging $2 more than its competitors.

The report also revealed that Spotify applied a similar strategy in 2019 when it acquired podcast companies Gimlet Media and Anchor podcast and that expenditure led to Spotify laying off significant numbers of its staff.

The company’s strategy to spend on video would join the already available Spotify video podcasts, which have drawn 170 million viewers since they were first available.

Additionally, Spotify is also relying on its new advertisement service which is expected to rival that on YouTube. However, it remains to be seen whether Spotify users are willing to pay this much for the streaming platform to get an enhanced experience.