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Spotify will test full music videos in prospective YouTube faceoff

The Spotify logo is shown on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018.

March 13 (mod1s) - Swedish music streaming business Spotify (SPOT.N), opens new tab is rolling out full-length music videos in a limited test launch for premium users, entering into an industry that YouTube has dominated for over two decades. 

Music videos will be accessible to premium customers in the UK, Germany, Italy, Netherlands, Poland, Sweden, Brazil, Colombia, Philippines, Indonesia, and Kenya, in beta beginning on Wednesday, the firm said, as it strives to boost its user base.

While it hopes to attract 1 billion subscribers by 2030, Spotify's new strategy faces competition from Apple Music (AAPL.O), opens new tab and Alphabet's (GOOGL.O), opens new tab YouTube, which enables users to view music videos for free. 

Spotify's roll-out will contain a "limited catalog of music videos, including hits from global artists like Ed Sheeran ... or local favorites like Aluna," it stated. 

In March last year, Spotify had launched, opens new tab "clips", under-30-second vertical videos that are submitted straight to Spotify for artists.

The firm has also extended its products to include podcasts and audiobooks in a bid to attract more consumers. 

In February, it estimated premium customers will reach 239 million in the current quarter, exceeding projections of 238.3 million.


Source: https://www.reuters.com/

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