© Lucas Jackson / Reuters
Spotify is increasing its focus on video over the coming year according to recent announcements by CEO Daniel Ek. In Spotify’s latest earnings call in Q1 2024, Ek highlighted that both music videos and short-form video clips would be a major priority. Music videos were introduced in a beta format in 11 markets during Q1, allowing artists to communicate with fans, promote album releases, and share behind-the-scenes footage.
All creators on Spotify can now also publish video podcasts. Global head of advertising Grace Kao commented that video consumption on Spotify is growing faster than audio-only content, with a 48% year-over-year increase in video views. Over 500,000 video podcast episodes have been uploaded so far in 2024, presenting “a strong opportunity for advertisers.”
Ek was also asked about Spotify’s strategy on music discovery and short-form video given the potential U.S. ban of TikTok. While declining to specifically comment on TikTok, Ek stated that Spotify is “focused on winning discovery” and will continue adding ways to improve music discovery. He noted that users are starting to see more music videos and clips in the app, allowing artists to engage with fans similar to social platforms like TikTok. Ek acknowledged competition is helping to improve products for all companies in the industry.
Media buyers expressed intrigue over more video on Spotify but were uncertain how it would fit with established user behaviors of listening privately with screens off. Some suggested it may require significant investment to change habits formed over nearly 20 years. Success may hinge on what unique content Spotify provides compared to platforms like Instagram Reels or TikTok. Further developments could include pre-roll video ads or sponsorship opportunities leveraging Spotify’s large user data.
