Enlarge / Spotify is in the middle of a transformation—it just may not realize it. (credit: Cindy Ord/Getty Images)
Spotify probably didn’t realize it, but it ceased being a tech company a few years ago.
It was excelling at all the tech startup things—attracting users and losing money—but like most businesses, it eventually wanted to make a profit. The company was having a tough time doing that simply by streaming music, which proved to be expensive since the labels demanded a hefty fee to access their catalogs. Without another product to sell alongside music, Spotify was hemorrhaging money.
So the company started looking afield, searching for a product that would complement its existing music offerings. It found one in podcasts.
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