Spotify is considering a plan that would allow its premium audio subscribers to access full-length music videos within its app, according to a report.
On Monday, financial news outlet Bloomberg said the plan was being weighed in an attempt to better position Spotify as it faces increased competition from Google-backed YouTube and Chinese-owned TikTok, both of which offer music videos to streamers.
Spotify is already talking with various partners about onboarding music videos, according to Bloomberg, which cited unnamed sources. The specific partners weren’t mentioned in Bloomberg’s report, but they almost certainly include music labels whose catalogs are distributed by the Sweden-based streaming service.
Spotify already has two music-focused interactive products: Canvas, which allows artists to upload an 8-second looping animation or video against their tracks, and a 30-second vertical video feature called Clips.
Adding music videos would be a natural extension for Spotify, which already offers video podcasts through its app. Those plans are also coming together at a time when Spotify is reportedly nearing the launch of a “Supremium” tier that incorporates high-fidelity audio streams and audiobooks.
Spotify has been under pressure to generate more revenue after it spent big acquiring on-demand audio shows and key talent to bolster its podcast business. The company lost €156 million (around $170 million) on more than €3.04 billion (around $3.34 billion) in revenue during the first three months of this year, widening its loss from €6 million (around $6.6 million) reported during the same period in 2022.
