Spotify announced on Wednesday that it will start paying podcast hosts who make popular videos on its streaming platform.

Starting in January in the U.S. and other markets, Spotify Premium users will be able to see ad-free videos, and video creators can earn money off those videos.

The streaming giant hosted podcasters, creators and stars like Halsey on its Arts District campus for "Now Playing," a five-hour, invite-only event that featured top execs Daniel Ek and Gustav Söderström.

Spotify has announced a series of new features and monetisation tools for video podcasts in response to an explosive rise in video consumption on the platform. Over 250 million users have now streamed a video podcast on Spotify,

In a blog post, Spotify announced that its Spotify for Podcasters app has evolved into Spotify for Creators, in line with its mission of providing more tools to both audio and video creators. On this platform, creators can upload their content in audio, video, or both formats, interact with their audience, and access improved analytics.

Spotify is aiming to give YouTube some competition with its new partner program for video creators and content that goes viral. The music and podcast app announced a new “Partner Program” that monetizes audio and video beyond income from advertising starting on January 2,

Spotify goes after YouTube's video podcast dominance by removing ads for paid subscribers and introducing a new revenue program for creators.

The streamer is also removing ad breaks from video podcasts as it tries to compete more directly with YouTube.

Spotify will soon start sharing revenue with creators based on how much their videos are viewed, in a move to take on YouTube's video podcast dominance

Spotify has unveiled a host of changes to its platform as it attempts to encourage more people to watch video podcasts. Despite having launched and being best known as a music platform, Spotify has expanded into a range of other media in recent years,