Spotify Wants to Become the Next YouTube and Will Spend Millions to Do It

Spotify Wants to Take on YouTube and become a serious competitor in the video streaming space. The Swedish company is trying to convince content creators to publish their videos on the platform. Spotify’s offers are rumored to be worth several million dollars.

According to a report from Bloomberg, Spotify Willing to Pay for Videos for Its Streaming Service. Having signed Joe Rogan for $250 million, the company is looking to repeat that feat. The report indicates that some deals are reaching seven figures, meaning Spotify is offering tens of millions of dollars.

The report does not name names, but claims that the amount of money is linked to the prestige of the content creator. In cases where monetary compensation is not offered, Spotify promises advertising in exchange for offering the video on its service. The important point is that These agreements are not exclusive.So the author will be able to publish his videos on YouTube and Spotify at the same time.

The idea of ​​offering videos on the platform is not new. Some podcasts, including Joe Rogan, are offered in this format. However, Spotify It’s a music service, so users don’t attach such importance to videos. as is happening with YouTube. The company wants to change this perception and is therefore trying to create a larger catalog of videos from well-known influencers.

One of the reasons for this strategy is advertising.Platforms like Instagram and YouTube make hundreds of millions of dollars every year from advertising. Spotify wants a piece of that pie, but first it needs to ramp up its content.

Spotify Wants to Become the New YouTube

Spotify says it has been working with content creators for years, so these deals are nothing new. Although the company has not confirmed the rumors, admitted that the popularity of videos on the platform is growing“More than 170 million users have watched a video podcast on Spotify. We are always looking for opportunities to expand the catalog for our users,” the spokesperson said.

Months ago, Spotify Surprises Everyone by Adding Music Videos to the Service. Available in some markets, this option allows users to choose between listening to a song or watching a video clip directly from the playback screen. Unlike Apple Music or YouTube, Spotify’s video feature is accessible via a dedicated button and does not require additional searching.

Music videos are part of a beta test and are not available in all regions. Spotify wants to refine the feature before rolling it out to other markets like Spain or Mexico, though His intention to bet on this format is obvious..

While Spotify restricts access to music videos to premium subscribers, its agreements with content creators should be open to the public. If advertising is the foundation of that strategy, there’s no better way than to offer videos to free users from the Spotify app or web version.