Strategically, what was the key part of this process?

There were a few. Partnerships are crucial, and it's important to have relationships with the biggest providers. We discovered, hypothetically speaking as this isn't actual data, that Spotify's podcast audience was relatively new to podcasting. For instance, if a user had been in the podcast universe for two years or less, was an Android user, and was under the age of 35, they were 100% Spotify users. If they were under the age of 28 they were 50% more likely to be on Spotify.

In hindsight, how do you compare that to video?

I believe we should have invested in original content. Yes, 100%. The investment in original content is crucial to defining a platform strategy. There needs to be something that draws you in.