Spotify has its eyes on 1 billion listeners by 2030, as concerns grow about the brand’s profitability
Spotify investors are raising concerns about the audio market’s opporunities.
The company is seeking to expand globally, and is looking at audiobooks, education, sports and news.
The company is seeking to become a business 10 times its current size, and generate U.S. $100 billion in revenue with a 40 per cent gross margin annually.
Chief Executive Daniel Ek is seeking to combat the notion of Spotify being a “bad business”.
“That’s why we’re investing so aggressively in building not only a bigger but, we’re thinking, a much more profitable business.”
DANIEL EK, SPOTIFY CHEIF EXECUTIVE
The company says it will go after the audiobook market as it has pursued podcasts. Spotify has also previously sought to tackle false information, after the Joe Rogan scandal.
The stock’s price was up nearly 6 per cent in trading on Wednesday.
