Benzinga – By Raunak Jain, Benzinga Staff Writer.
Spotify Technology SA (NYSE:SPOT) has announced the launch of music videos for its premium users in 11 markets, following in the footsteps of a rival. Alphabet Inc.’s (NASDAQ:GOOG) YouTube Music.
what happened: The latest beta version of Spotify is currently being rolled out in a limited way and includes a limited list of music videos from global artists such as Ed Sheeran, Doja Cat, Ice Spice and local favorites such as Aluna and Asake.
“Music videos play a key role in engaging you: taking you from being a listener to becoming a fan,” said Charlie Hellman, vice president and head of music products at Spotify.
It’s worth noting that Spotify’s competitor YouTube Music already supports music videos — users can choose to listen to music only or flip the switch to watch videos.
Spotify has features like Canvas, Clips, Artist Bios, Live Events and Merch to promote meaningful connections between artists and listeners. The company notes that Canvas visuals particularly drive user engagement.
As part of the beta launch, Spotify plans to continue to innovate and iterate based on user and artist feedback. The company expressed its intention to expand the music video catalog and bring the feature to more users and countries.
Why it matters: The move comes on the heels of Spotify’s decision to raise its subscription fees in France in response to a new tax targeting music-streaming services. The tax, effective from January 1, aims to support the national music sector.
Earlier in the month, there was a big win against Spotify Apple Inc. (NASDAQ:AAPL) after the European Union hit the iPhone maker with a $1.95 billion antitrust fine for restrictive practices against Spotify and other music streaming services.
The fine was imposed to prevent Spotify and other music streaming services from informing users about payment options outside of its App Store.
Price Action: Shares of Spotify closed 0.18% lower at $257.62 on Tuesday, according to Benzinga Pro.
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Read next: Apple will let iPhone users download apps directly from websites, but strict conditions apply
Disclaimer: This content was created in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Spotify
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