Spotify Targets One Billion Listeners by 2030

Audio streaming platform Spotify held its first investor day since going public in 2018. At the investors’ meeting CEO Daniel Ek announced some ambitious targets, which are to be achieved over the next decade. Spotify’s shares rose more than 6.3% to close at $116.39 in the trending session on Wednesday.

The CEO of Spotify announced that the platform was aiming to reach one billion listeners by 2030 and generate revenues and gross margin of $100 billion and 40% respectively after the profitability concerns.

One of the primary sales drivers for Spotify has been podcasts. To that end, the company, withinside the ultimate 3 years, has forked out about $1 billion on podcast deals, with pinnacle names like Joe Rogan and Kim Kardashian West on its ranks. Despite this, the company`s podcasts class bills for simply 7% of the listening time at the platform and are yet to be profitable.

According to the tool, the Spotify internet site recorded a 3.06% month-to-month upward thrust in worldwide visits in May, as compared to the identical duration closing year. Further, the footfall at the company`s internet site has grown 53.51% year-to-date, as compared to the preceding year.