Spotify is set to reboot its video strategy as it continues its search for alternate revenue.
According to Bloomberg, the music streamer is cancelling all original video series currently offered on the service, as well as shows it is yet to release.
The company is reportedly planning to work on crafting video formats unique to the Spotify service.
Due to music royalty and other licensing costs, streaming on its own is a costly business. According to Bloomberg, more than 80 per cent of Spotify’s entire revenue stream is paid out to record labels and other music industry players.
It is thought that Spotify’s video service has suffered from lack of promotion, with many consumers entirely unaware that the company offered video content in the first place.
