After launching in October, Spotify has continued adding to its roster of In Residence shows. The newest host additions include comedian Hannibal Burress and rock/metal media company TeamRock. These In Residence playlists bring a new content approach to the streaming service, one that sounds more like a podcast or a radio show. Now that Spotify is also finally beginning the rollout of its long-awaited video options, it appears that the company is positioning itself as an entertainment hub for more than just on-demand music.
The growing number of content options on Spotify mean that announcements such as Burress’ and TeamRock’s are likely going to become more and more common. And that’s no surprise. Spotify has a large audience base that could potentially engage with quality video and audio content. Any available audience numbering in the millions will attract at least some interest from businesses, and that means a new industry opportunity could be emerging.
The model for that prediction is the arc that has centered around YouTube in recent years. New companies have appeared designed to help manage and monetize uploads to the video network. There are now specialists for YouTube music licensing, for managing the presence of popular personalities, and for analyzing performance on the platform. It’s a large industry developed around the growing cultural and financial impact of YouTube.
We’ve already been seeing audio-centric businesses emerge focused on content creation, production, and monetization (DGital Media and Megaphone, to name two). If Spotify can successfully pitch itself as a comparable hub for entertainment, then we will likely see niche business specializing in those tasks as well as media companies expanding their in-house capabilities.