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But the audio industry is less than one-tenth of the size of the whole video industry. вЂњWhen you look at the amount of time that people consume audio, itвЂ™s about the same in the U.S.

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вЂњJust like TV has moved from offline to now online, weвЂ™re doing the same to radio,вЂќ Ek says. As Ek sees it, the opportunity is not just to capture a big chunk of the podcasting market but to dominate the still-monstrous $40 billion radio industry (including the sports, talk radio and politics that dominate airwaves), especially as listeners increasingly ditch the dial for streaming options like his own. In the past year, the company has doubled down on its efforts, spending $400 million to acquire production and technology capabilities, bulking up its library of shows and orchestrating a companywide pivot beyond music programming. вЂњIf youвЂ™re in a position where youвЂ™re trying to make money in an industry where your largest rivals donвЂ™t need to make money, thatвЂ™s a challenging environment,вЂќ says Kevin Rippey, an internet analyst at Evercore ISI.

Unlike its rivals, which use music to sell iPhones or land Prime subscribers, SpotifyвЂ™s profit margins have been hampered by its deals with royalties-hungry record labels. And while it is by far the largest music streamer, with 113 million paid subscribers worldwide, competition is reaching a fever pitch as Apple, Amazon and Google invest in the space. Still, the future of Spotify hinges on its ability to grow. In 2018, the entire global industry brought in a mere $650 million in revenue, as estimated by PwC, or just 12 percent of SpotifyвЂ™s annual revenue that year. While it can seem like everyone has a podcast these days, podcasting actually still is a relatively tiny business. ItвЂ™s going to be a big business,вЂќ adds Ek. вЂњWe see a huge opportunity in front of us.

ItвЂ™s being designed with talent in mind, with easy (and private) access for high-profile people who want to record a show.

Across the street, construction is underway on a 154,000-square-foot Spotify campus destined to become the hub of the companyвЂ™s growing podcasting business, complete with 17 recording studios, a mixing suite, green rooms and live event space. вЂњWeвЂ™re committed to this,вЂќ says CEO Daniel Ek as he settles into a table at downtown L.A.вЂ™s Zinc Cafe & Market in late October. In 2019 alone, THR has learned, Spotify has quietly set up more than 30 new podcasts from partners including Jordan Peele, Paul Feig, Mark Wahlberg and YouTube influencer Lele Pons. While a slate still is being assembled, itвЂ™s likely to include fiction projects and unscripted series, spanning genres such as entertainment and sports - donвЂ™t expect anything overtly political. On June 6, the Obamas announced they will make audio shows exclusively for Spotify and even plan to get behind the mic. A price tag said to be worth upward of $10 million was only a cherry on top. But ultimately, say sources familiar with the talks, it was SpotifyвЂ™s 248 million global monthly users, many of whom access the service via its free, ad-supported tier, that sealed the deal for the couple. HeвЂ™d even once jested that he was waiting for a job offer from the company, prompting it to post a joke job opening for a вЂњPresident of Playlists.вЂќ вЂњWhen I met with the president, I said, вЂWell, IвЂ™m glad you passed on the job because I was fortunate enough to get it,вЂ™ вЂќ says Ostroff with a laugh. Working in SpotifyвЂ™s favor was the fact that the former president already used the Stockholm-based service for his popular music playlists.

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