Spotify Targets One Billion Listeners by 2030

Spotify Technology SA defended the company’s strategy Wednesday and outlined plans to expand into new businesses to address investors fears that the audio-market opportunity is limited.

At its first investor day since the streaming giant went public four years ago, Spotify highlighted the loyalty of its hundreds of millions of listeners, its industry-leading music recommendations and its podcast unit’s success. The company also pointed to its expansion globally, its growing set of tools for creators, and areas it plans to expand into including audiobooks and eventually education, sports and news.