Apr 27, 2021

Spotify

Betting big on talk

Raisa Bruner

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Bruce Springsteen and Barack Obama record an episode of their Spotify podcast series "Renegades: Born in the USA."

Musician Bruce Springsteen and former president Barack Obama record an episode of their Spotify podcast series "Renegades: Born in the USA."

Musician Bruce Springsteen and former president Barack Obama record an episode of their Spotify podcast series "Renegades: Born in the USA."Rob DeMartin—Spotify

Spotify’s streaming service has transformed how people listen to music; it ended 2020 with 345 million monthly active users and 155 million paying subscribers. It’s now undertaking a massive global expansion, reaching more than 170 markets, and has made a nearly $1 billion investment in podcasting, buying Gimlet. Spotify also spent $235 million last November on Megaphone, a company that makes it easier to sell audio ads. It’s signing up hosts ranging from Meghan Markle to Joe Rogan, and recently unveiled a series of conversations between Bruce Springsteen and Barack Obama. Soon, the company plans to add Spotify HiFi, a premium service for users who want CD-quality audio.