Spotify could be adding music videos

Wong tweeted on 20 June a screenshot with the caption, “Spotify is finally working on a tab to switch between Canvas, Album Art, and Video." Canvas is Spotify’s looping visuals sharing tool, which can be seen in the Spotify mobile app when in the Now Playing view. Wong noted that the video section is new.

This is not the first time Spotify has experimented with video content. In 2015, the company announced that it would be welcoming short-form videos from media partners including TED, Comedy Central, Vice Media, BBC and NBC. Swedish publication Breakit later called the move  a “video flop” after Spotify had spent more than $50m on the unsuccessful project.

In 2016, Spotify had 12 original video shows in the works centred on three main themes: music performances, music profiles and music culture. However, Rolling Stone noted that all 12 programmes were unsuccessful.

Additionally, Spotify recently launched self-serve, sound-on video ads on its Ad Studio platform in the US, UK and Canada.

“With the combination of audio and video ads, you have the opportunity to tell a more nuanced story that sparks interest and drives impact because you have the full attention of your audiences’ eyes and ears,” Spotify said.

The latest news follows Spotify's purchase of the Joe Rogan Experience (JRE) podcast, which set the company back $100m. The podcast has already garnered about 8.8 million subscribers. Spotify also bagged a podcast deal with Kim Kardashian West.

Meanwhile, Spotify is heading towards a $50bn market cap valuation, which is twice what the company was worth three months ago. The audio streaming company’s share price on 23 June closed at about $240 on the New York Stock Exchange bringing its total value to an all-time high of about $45bn.