Did you know that Spotify had video? We didn’t, either.
The music streaming company is canceling its current slate of video originals (more than a dozen, apparently), as well as a host of other video projects it has yet to release, according to a Bloomberg report.
Spotify has recruited Courtney Holt, previously an executive at Maker Studios and Disney, as their new head of video and podcasts. The company will start fresh under Holt’s direction, with their third reboot of video efforts.
The company’s move to expand outside music distribution is a logical next step, as the company looks for more lucrative ways to increase revenue without paying expensive royalties and distribution costs. According to Bloomberg, Spotify pays out more than 80 percent of its revenue in royalties and distribution.
Holt’s new video plan includes a format referred to internally as ‘Spotlight,’ said to combine “audio, images, and video.” It isn’t clear exactly what these videos will look like.
Spotify currently touts more paid music subscribers than Apple Music and YouTube Red combined, but Apple still leads the market in podcast distribution.