Spotify has a lot more video content than you think – now it’s selling itself against it

Digital Products Spotify has been venturing into the video realm with music videos and clips, but the music streaming giant is now gearing up to attract advertisers to its burgeoning digital video inventory.

Music streaming company based in Stockholm Debuted with NewFronts This week comes as part of the expansion of video advertising on the platform. While Spotify is still primarily focused on audio between its music, podcasts, and now audiobook services, the company is seeing a significant increase in its video inventory as it continues to expand its reach .

According to Ann Piper, Spotify’s head of North American sales, the company is “ready to play in the digital advertising pool” and compete for more than audio dollars. “As more videos are created on the platform, we want to connect with brands and users while they are looking at the screen.”

The core of the transformation will depend on whether podcasts increasingly become a mixed-media practice, with video elements becoming ever more common in what was once an auditory-only experience. Many podcasters film interviews and share clips Video platforms like YouTube and Instagram allow you to expand your reach and expose your content to new audiences.

Spotify is leveraging a new form of the podcast ecosystem by offering this video environment to ad buyers. This year, the podcaster has already uploaded over 500,000 episodes of her video podcast to the platform. Overall, Spotify hosts over 2.5 million podcast episodes of his. The company said users are spending more time watching video content on Spotify, which grew 48% year-over-year in the second quarter.

The company already serves “video hijack ads” to its 388 million free users “the moment they look at their phones,” and thanks to partnerships with companies like Roku, they can play Spotify on their TVs. You can now show video ads to your listeners.

According to Spotify, campaigns that run both audio and video components have better results, increasing brand awareness by 7%, message association by 7%, and purchase intent by 27%.

And the company doesn’t stop there. Spotify’s expansion into short-form video continues to expand its Clips tool, which launched last year. Clips allows artists to add their 30-second videos to their profiles and album pages, and the feature is currently being tested on her Spotify playlists.

“We’re focused on winning discovery, and we’ll be adding as many ways as we can to improve discovery on Spotify,” CEO Daniel Ek said during the company’s press conference. Recent financial report. “You saw this quarter we added music videos. You’re going to start looking at music clips in a much broader sense.”

“Short-form music content is a big focus for us. In 2024, we will see videos on the music side integrated into even more products,” he continued. “Music clips are also being used in a larger way, where artists use short storytelling methods in their videos to tell the story behind an album or tell fans what they need to know about a new album release in advance. You’re going to see it. You’re saving money.”

At its heart, Spotify is all things to all users: a comprehensive social platform for artists with the short-form video feature that made TikTok famous, but also in the YouTube realm with full-length music videos. It seems like you’re trying to do what you’re trying to do. Oh, and don’t forget about audiobooks.