Spotify have announced plans to add video clips and audio shows to their music streaming service.
In a press conference held earlier today (May 20), it was revealed that Spotify will be expanding their service as of now. “We’re bringing you a deeper, richer, more immersive Spotify experience,” commented Spotify founder and CEO Daniel Ek. “We want Spotify to help soundtrack your life by offering an even wider world of entertainment with an awesome mix of the best music, podcasts and video delivered to you throughout your day. And we’re just getting started.”
This new content includes radio shows hosted by artists including Jungle, Mike Skinner and Tyler the Creator as well as news clips and video shows from the likes of ABC, BBC, Financial Times, Condé Nast Entertainment, Comedy Central, ESPN, Maker Studios, NBC, TED, The Nerdist and Vice Media.
The content will feature on the new Now page, which launches today on iPhone for users in the UK, US, Germany and Sweden. Watch a video describing the new features below.
Meanwhile, a recent report claimed Spotify is now worth more than the entire US music industry combined.
For the first time in history, revenue maintained from music streaming services has exceeded CD sales. Now, after receiving £265 million ($400 million) in funding, The Wall Street Journal reports that Spotify is currently worth more than the US recorded music industry as a whole.
The streaming service is now reported to have an estimated net value of £5.5 billion ($8.4 billion), which is said to be more than double of Pandora, its nearest rival, worth an estimated £2.3 billion ($3.5 billion) in its current state. In 2014, the revenue of the music industry was £4.62 billion ($6.97 billion), which includes physical sales, digital purchases and also streaming.
The Recording Industry Association of America (RIAA) have said that streaming income makes up 27% of the money made by the music industry, and Spotify is a large contributor to this percentage. However, the Swedish-founded company is still worth every retail music revenue source in the US put together.