Spotify Technology SA has expanded its music video feature to 85 additional markets, enhancing the experience for Premium subscribers. This rollout follows a successful beta launch in 12 initial markets earlier this year.
Subscribers in these new markets now have access to a growing library of music videos from various artists, including Charli XCX, LISA, and Fontaines D.C. The initiative aims to strengthen the connection between fans and artists by integrating audio and video content.
Research indicates that listeners are 34% more likely to re-stream a song after watching its music video, with songs discovered through videos also seeing increased rates of saving and sharing.
Spotify is also introducing features that allow users to switch seamlessly between audio tracks and music videos on both mobile and desktop platforms. The company plans to continue expanding its music video catalog in the coming weeks.
In its fiscal second-quarter 2024 report, Spotify reported a 20% revenue growth to $4.099 billion, although it fell short of analyst expectations. Monthly Active Users (MAUs) increased by 14% to 626 million, with 246 million Premium subscribers. Ad-supported MAUs grew by 15% to 393 million.
Goldman Sachs has recognized Spotify as a leading global audio platform, while Jefferies noted its potential to benefit from the growing anime industry, projected to reach a valuation of $60.1 billion by 2030.
As of Tuesday, Spotify's stock was down 0.48% at $370.70.