Does Spotify want to be the next YouTube?
That might be a tall order for the music streaming service, but there’s little doubt the Sweden-headquartered company wants video to be a larger part of its platform, and so far, its efforts have been proving successful.
As of last count, more than 170 million users have streamed a video on Spotify, up from 10 million in 2019, and the number of monthly active users who engage with video podcasts has jumped 60% year on year.
Supply is growing along with demand. The number of video creators on the platform has jumped 50% in the past year, and there are now more than 300,000 video podcast shows on Spotify.
That’s all translating into greater engagement on the platform. The average time spent by users on Spotify has grown from around 30 hours per month in 2020 to nearly 40 hours today.
Now, Spotify has unveiled a series of new features to increase engagement with video, and entice video creators to its platform.
At its Now Playing event in Los Angeles on Wednesday (November 13), the company unveiled its new Spotify Partner Program that offers video and audio creators multiple revenue streams to monetize their content.
