Companies with 6 billions dollars in revenue don't really pivot. They are diversifying.

I guess they have determined it makes sense strategically. If I had to guess, podcasts and music listening are rival goods for a lot of their most valuable segments and they were worried about moves some of the new entrants in the market could have made. Might allow them to target new customers too. Hopefully more than the move will lose them in existing customers jumping ship.

Spotify essentially have no excess profit potential for music, because the labels will just take more money if and when Spotify increases subscribers/revenue.

This is in contrast to Podcasts, where nobody really owns the space, and they have a good shot at becoming the market leader.

I mean, I hate podcasts and wish they would go away from my Spotify, but I like the company and the music product, so I put up with it (for now, at least).