March 13 (Reuters) - Swedish music streaming company
Spotify ( SPOT ) is rolling out full-length music videos in a
limited beta launch for premium subscribers, venturing into an
arena that YouTube has dominated for nearly two decades.
Music videos will be available to premium users in the UK,
Germany, Italy, Netherlands, Poland, Sweden, Brazil, Colombia,
Philippines, Indonesia, and Kenya, in beta starting on
Wednesday, the company said, as it attempts to grow its user
base.
While it aims to reach 1 billion users by 2030, Spotify's ( SPOT )
new plan faces competition from Apple Music and
Alphabet's YouTube, which allows users to watch music
videos for free.
Spotify's ( SPOT ) roll-out will include a "limited catalog of music
videos, including hits from global artists like Ed Sheeran ...
or local favorites like Aluna," it said.
In March last year, Spotify ( SPOT ) had introduced "clips",
under-30-second vertical videos that are uploaded directly to
Spotify ( SPOT ) for artists.
The company has also expanded its offerings to include
podcasts and audiobooks in a bid to attract more users.
In February, it forecast premium subscribers would reach 239
million in the current quarter, above estimates of 238.3
million.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Devika
Syamnath)