Spotify spent a year hiring executives and podcast staff, building a backend to support the new formats, and canvassing for potential acquisition targets. The company saw podcasting as a rapidly growing space without middlemen. But Spotify’s profit margins were narrow, as a handful of record companies dominated the value chain in music. The massive success of Serial in 2014 had set off a gold rush in audio at the same moment that Spotify had emerged as the dominant force in music streaming powered by strong tech and a user-friendly interface. Spotify’s podcast push began in earnest in 2016, when Ek invited audio executives including higher ups at Gimlet to the company’s headquarters in Stockholm, Sweden to explain the emerging American podcast market.
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