Popular music streaming service Spotify have been rumoured to be planning a new competitor in the video streaming market, in an attempt to take on dominant brands such as Netflix and Amazon.
The American service is one of the biggest names in online music, and while they have taken on some format changes in recent times (including removing a ‘five-song limit’ for free ad-supported users after a 6-month trial, and launching a ‘browser-based version’ of their service), a transition to cover videos as well as music would not have been on many people’s agendas.
Reports from Business Insider suggest that as well as potentially streaming ‘existing TV shows’, Spotify would follow the lead of what is working right now at the top of the video streaming market and order exclusive new series to add unique appeal to their platform.
Netflix have already proven the success of this method through this year’s new political drama House Of Cards, and around the world YouTube and BBC iPlayer have recently followed suit with announcements of internet-exclusives, even if in the latter’s case it is only temporary.
While the reports of a new video service remain unclarified, Spotify CEO Daniel Ek has previously hinted at his company looking into video, stating: “I won’t rule it out because we’re a company that looks at what we’re doing incredibly long term. But right now, we’re all focused on music.”
Being supported by investments from the likes of Coca-Cola and Goldman Sachs contributing to a company value of $3b, Spotify easily have the finances and brand presence to enter a video streaming platform, but do they have the strategy and know-how to sufficiently add to their video offerings? For now, however, they just seem to be only ‘for music’: