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In pursuit of profit, Spotify looks to AI rather than original content for its podcasting future
Spotify shareholders are thrilled with the company reporting an operating profit for the first time in a year, sending the stock up nearly 10 percent on the news. The revenue bump was in large part due to the streamer’s $1 price increase earlier this year, but executives also pointed to the downsizing of the podcast operation — which included hundreds of layoffs and the dissolution of Gimlet and Parcast — as a contributing factor. The adage that “content is king” no longer applies, with Spotify increasingly focusing on tools that will…
