Spotify’s podcast bet turns into a serial drama

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technology companies this year. Chief executive Daniel Ek has said he wants Spotify to be the world’s largest audio company, spanning audiobooks, education, sports and news. Podcasts are only the first step toward Spotify’s goal of evolving from a music-streaming company to an audio giant, generating $100 billion in revenue by 2030.

Spotify reported €11.7 billion in revenue in 2022. While the company probably overpaid for some content, Ek said, the investments helped Spotify achieve its goal of becoming the top podcast platform. The company expects podcast ad revenue to grow 30% this year, ahead of Spotify’s overall revenue growth, executives have told staff in recent months.

“We’ve been very focused on pursuing shows that drive really loyal audiences and also attract advertisers," said Sahar Elhabashi, head of Spotify’s podcast business. “We have a very strong portfolio now which does that." Spotify’s library of more than five million shows includes fiction, nonfiction and personality programming. Among its original shows are the Pulitzer Prize-winning nonfiction podcast “Stolen," as well as “Heavyweight," which explores people’s regrets, and “Serial Killers." It also carries thousands of podcasts from other publishers and media companies.