Spotify is leaning further into AI as it holds to its promise of reaching 1 billion active users by 2030.
At the company’s investor day in New York Thursday, executives laid out the planned pathway for hitting that number, as well as $100 billion in annual revenue, with new features including the ability to create AI-generated personalized podcasts, user-generated covers and remixes using AI and more. Spotify also plans to continue creating more paid add-on services or subscriptions, alongside its audiobooks offering, which they say has been one of its most-engaged segments on the platform.
As co-CEO Gustav Söderström laid out, in the beginning, the company’s motto was access. Spotify then moved into personalization, with curated playlists and more. Next up is “generation,” drawing on AI tools to help create content on the platform.
“We’re entering the era of generation, where the experience isn’t just selected from a catalog. It’s shaped by each of our users, in real time, around their taste, context, and intent. Today, there is no media player for both public and private content – or put differently – there is no media player for the generative era. We believe Spotify will become that,” said Gustav Söderström, co-CEO of Spotify.
