Spotify is ready to get into the video business, and they just announced that they will be rolling out video content “as early as this month,” according to Wall Street Journal.
Their video content will be available to just about anyone, including people who don’t have Spotify subscriptions. From WSJ:
Spotify is hoping to enjoy an advantage in producing video based on the data it already has about consumers from their music-listening habits, the people familiar with the plans said. For example, music users who elect to listen to songs in Spotify’s “chill” genre may be offered different content than those who listen to music targeted for working out or travel, they say.
The video foray coincides with talks in which Spotify is seeking to raise more than $400 million from investors in a round of funding that would value the company at more than $8.4 billion, The Wall Street Journal has reported, citing people familiar with the matter.
Surely, Spotify has felt pressure from Tidal, the newish streaming service bought out by Jay Z, which is competing directly with the Swedish music service. Tidal not only offers exclusive music videos, but they also stream concerts with artists like J. Cole and even the purple one himself – Prince. It looks like Spotify is recognizing that they can’t just be a music-streaming service and must offer more.
We’ll be sure to update you on the new service!
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