Is video the next step for music streaming services?
A couple of recent announcements suggest that the next move for music streaming services may be adding video content -- possibly as early as this month.tech reviews Updated: May 15, 2015 12:13 IST
A couple of recent announcements suggest that the next move for music streaming services may be adding video content -- possibly as early as this month.
Last week, the Wall Street Journal reported that Swedish streaming service Spotify was looking to get into the web video business, having approached companies that make content for YouTube. According to the New York Times, short video clips could begin appearing on Spotify later this month.
Spotify's goal, according to the reports, is to keep people engaged on the platform longer, rather than requiring them to switch over to YouTube, for example, to view music videos.
And suggesting that Spotify is not alone in its efforts, this week, Vadio, a start-up that disseminates video to streaming audio platforms, announced it had closed a $7.5 million round of funding and added executives from Sony Pictures and video hosting service Vevo to its leadership team.
"Music videos completely changed the entertainment industry when they were first broadcast on television. Now, through Vadio, there is the opportunity to once again transform the industry by moving videos to the places where consumers already love to listen to music -- streaming audio services," said Bryce Clemmer, CEO of Vadio.
This could mean new sources of revenue for streaming services, which would have the possibility of integrating ads into video streams. For users, it could point the way toward a two-in-one platform where you can find both the audio and the videos you're looking for.
Meanwhile, artists -- many of whom have spoken out against streaming services for providing them with too meager a payout -- are taking the matter into their own hands. Jay-Z's recently launched Tidal streaming service offers 25 million tracks and 75,000 high-definition videos and has already enlisted musicians such as Kanye West, Rihanna, Daft Punk and Taylor Swift.
So is video content on the near horizon for music streaming platforms? We may find out more on May 20, when Spotify is holding an event that some predict will focus on its video plans.