Spotify needs to become a music label, rather than just streaming. They need to be producing some of the top artist's albums. Plus the money lies in merchandise. If Spotify are able to manufacture audio equipment, they would be better diversified. I think its great they have started podcasts, but is it enough?

If not merch, certainly they should be able to venture into producing, manufacturing and distributing vinyls. Especially with the vinyl resurgence, this is where the money lies. Also, I've been reading about "ocean-waste" vinyls which reuses all the PVC, instead of generating new PVC. This would be a good idea to make the first mover advantage.