Welcome to Brand of the Day, where we pick the company making headlines for the day and explain five elements you need to know about what has happened for them to be in the news.
Today we feature music streaming app Spotify that has been going head-to-head with Jay Z’s music streaming service, Tidal. Today it made a major play into the video streaming space. Here are five things you need to know about the announcements made at Spotify’s star-studded press conference in New York City.
1) Video streaming
Along with its current music streaming, Spotify will be integrating video clips into its offerings. These will include both aggregated and original content.
In order to bring the video streaming service to life, Spotify has partnered with major networks including: Vice News, BBC Worldwide Entertainment Group, ABC, TED, Condé Nast Entertainment, GQ, Wired, Vogue; Nerdist / Legendary Films & Digital Networks, Slate, CBS, Epic TV, BASE, TWIT: This Week in Tech; Blucora Media, Elite Daily, Tastemade, PRX, I am Rapaport, Harper Collins, A16z.
3) Original Programming
Original programming is slated to include: artist-presented radio shows, Amy Poehler’s Smart Girls, a show that brings artists and chefs together, a show where artists tell the stories of how their albums were born, a weekly audio program hosted by Joe Levy.
4) What this means for the industry
Until now, advertising hasn’t been a huge source of revenue for Spotify. The video offerings will make the platform a much more enticing platform for advertisers as impressions are generally higher with video. This also opens up the doors to allow for far more branded content.
5) Who this threatens
This move may be most threatening to Jay Z's streaming service, Tidal. While Tidal already offers some video content, it doesn't offer the same partnerships with major brands and networks.