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.