Key Takeaways
Spotify is entering the competitive video content space to rival YouTube and TikTok.
The company is shifting from audio only to a full video platform as user video consumption continues to grow.
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Spotify will begin rolling out music videos this month as part of a broader push to compete with YouTube and TikTok. US subscribers will be able to switch between audio and video versions of selected songs, marking a major expansion beyond audio streaming.The move follows new licensing agreements with major labels and the National Music Publishers Association that give Spotify the audiovisual rights it needed to launch video products. Chief business officer Alex Norström said the deals unlock innovation across the platform and support more video driven features.Spotify has already built a large video presence with nearly half a million video podcasts and shows. More than 390 million users have streamed video content on the platform, and viewing time has more than doubled over the past year.
