By investors listening to what the two goals are:

- 1b subscribers - after THAT: 10% profit margin

Look, spotify is still growing fast. They aim for 20% MAU growth YoY, and they are actually achieving it: they added 23M new MAU between Q2 and Q3 last year, around 40% of those new users were premium subscribers. New numbers for Q4 will be released today.

They are still trying to capture the whole market. After doing that they will flick the lever to profitability over growth. The current goals are set for 2030. Only if Ek deviates from the growth trajectory too much he will be dropped as CEO.