Spotify Announces It Will Include Videos

The music streaming leader is getting into the video business, with content from partners including Vice News, Comedy Central, and more.

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At a press conference in New York today, the Stockholm based company announced that it will bring video to Spotify, setting it up to compete with other online video destinations like YouTube, Vevo, Vimeo, and Vessel. Launch partners to feature video content on Spotify include Vice News, Comedy Central, and the Nerdist network.

Since it launched in the U.S. in 2011, Spotify has grown to become a dominant player in the music industry as streaming has become the fastest growing method of music consumption. Last year, music streams were up 54%, according to Nielsen Music, while album sales and digital track sales declined 11% and 12.5%, respectively. At the Music Business Conference in Nashville last Tuesday, Spotify's Director of Economics Willl Page claimed the company was responsible for fully 10% of the recorded music industry's revenue so far in 2015.

The push into video adds a new layer of value to the service's 60+ million users, who Spotify hopes will turn to the service as a one-stop shop for on-demand entertainment both on desktop and mobile devices. It also helps Spotify to differentiate itself as the streaming field becomes more crowded. Since March, Jay Z and other top stars have caused a stir in the press with Tidal, an artist-owned streaming service that has focused heavily on exclusive content (including, this week, a new music video from Nicki Minaj and Beyoncé for "Feeling Myself"). Next month, Apple is expected to alter the landscape even further with a relaunch of iTunes catalyzed by its acquisition of Beats Music last year.

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