In an interview with Axios, Spotify CEO Daniel Ek laid out plans to reach $100 billion in revenue in the next decade and to push into audiobooks to take on rival Amazon.
Photo illustration: Natalie Peeples/Axios. Photo: Sebastian Reuter/Getty Images for Spotify
While it didn't name those businesses, Spotify's experiments in areas like live audio suggest the company is already planning further expansion.Spotify planted a similar flag around podcasting six years ago before spending well over $1 billion acquiring podcast companies and content.By its own estimates."There's one dominate player in audiobooks and that's similar to what the podcast space looked in 2018," Ek told Axios.
He also argued that Spotify's investment in revenue streams outside of subscriptions — particularly its marketplace tools that offer creators ways to connect with and earn income from fans — would help grow profits.Today, for example, Ek said the company's gross margin in music is roughly 28.5% , largely due to investments in creator tools.
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