Spotify is abandoning its investment in original video as the online music service looks for new revenues outside of its core business.
Bloomberg, citing people with knowledge of the matter, reports Courtney Holt, the Swedish company’s new head of video and podcasts is looking for a new and unique format.
Spotify first introduced video in May 2015 with the intention of supporting its core video business, rather than taking Netflix and Amazon head on. Subsequently, video partnerships were announced with, amongst others Turner, Disney, NBC, Condé Nast and WNYC Studios.
Now original series are to be cancelled including those on the slate that have yet to be released.
More than half of Spotify’s customers simply take its free service with advertising only drawing 10 per cent of revenues.
