Remember the days, in 2019, when Spotify made a splash with the promise of spending up to $500m on podcast acquisitions that year? That’s beginning to look like just an appetiser.
Chief financial officer Paul Vogel says the company now has $3.5bn of cash available on its balance sheet for the company’s audio expansion. He made the remarks at the MIT Sloan CFO Summit, as reported by CFO Dive.
“We can invest a lot in things — we want to take risks,” added Vogel. “We want to be the No. 1 global streaming audio player, and that means having everything as much as you could possibly think in audio.”
Part of that investment is going on Spotify’s first-look deal with filmmaker J.J. Abrams’s new audio production company, which Fast Company has used as the hook for a dive into Spotify’s beyond-music strategy. That includes its latest push into video, this time through video podcasts.
“Our goal is to have thousands of creators on the platform now in video, and that will be significantly expanding next year in a meaningful way,” said chief content and advertising business officer Dawn Ostroff.