The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US, May 3, 2018. (Photo: REUTERS)

To reach its ambitious goal, Spotify would need to make its revenue grow nearly 10-fold from 2021 revenue of 11.4 billion USD. 

Spotify's chief content officer, Dawn Ostroff, said the company has committed more than 1 billion USD to podcasting, and expects podcast revenue to increase materially this year from the 215 million USD it made last year.

She said the company was still in investment mode, but it believes podcasting to be a 20 billion USD opportunity.

Apart from music, podcasts and audiobooks, Spotify is also planning to enter new types of content over the next 10 years that would boost its average revenue per user, engineering manager Alexander Nordstrom said.

He said Spotify was on track to hit its goal of 1 billion users by 2030.