The market has reacted. So just to give you an idea, I mean 2014 was really the year where we started to see Spotify was the leader in this industry scale. It was founded in 2006, but it's first five, 10 years of existence, it was a much smaller business, just trying to A, get the access to the content that it needed and then B, just to build it... See more

Spotify is rolling up the internet audio market, which their CEO, Daniel Ek, thinks will grow from $100 billion in revenue a year to somewhere near the video market, which is $1 trillion. People spend about the same amount of time consuming audio as video content. “Are our eyes,” he asks, “really worth 10 times more than our ears?”

Spotify doesn’t have that sort of grip on the podcast industry, and it faces competition from some of the largest tech giants in the world.