Spotify, which already has greater than 100,000 podcasts with movies, has begun talks with companions concerning the product, the report mentioned.
Spotify Know-how is mulling including full-length music movies to its app, which may assist the music streaming platform compete with TikTok and Alphabet Inc’s YouTube, Bloomberg Information reported on Friday, citing individuals accustomed to the matter.
Spotify, which didn’t instantly reply to a Reuters request for remark, already permits artists to add looping GIFs, which play when a music observe is enjoying.
Spotify, which already has greater than 100,000 podcasts with movies, has begun talks with companions concerning the product, the report mentioned. It’s seeking to entice extra Gen Z audiences away from YouTube and TikTok’s short-form video platforms. YouTube already has a music streaming service dubbed YouTube Music, with music movies.
The brand new growth comes days after it was reported that Spotify was contemplating introducing a brand new, dearer tier for its Premium subscription to incorporate the HiFi music high quality. Introduced in 2021, Spotify HiFi is the corporate’s lossless CD-quality music service that by no means launched. The rationale could possibly be Spotify’s rivals, Apple and Amazon, each of which additionally launched lossless music streaming companies with spatial audio of their apps at no extra cost. Their choice to not cost clients for extra options type of derailed Spotify’s plans, which had initially deliberate to cost extra from customers for HiFi companies.
To justify extra prices related to the HiFi tier, Spotify has reportedly been planning to throw in additional options. Whereas it’s unclear what these options could be, it’s secure to imagine the full-length movies could possibly be part of the HiFi tier. There isn’t any official announcement as such, although.
Earlier this month, Spotify mentioned it will reduce 200 jobs from its podcast unit in its second spherical of layoffs, because it appears to restructure after years of heavy funding.
— Written with inputs from Reuters