I don't even know what the incumbents are. I had never listened to a podcast before they came to Spotify. So I can easily imagine there was a big untapped market of getting people to spend more time with podcasts, which I assume is much cheaper for Spotify than music licensing. So more customers and less royalties -- I can see a potential in that.
Audible for audiobooks is the most obvious there. That's an interesting point about podcasts, I naively assumed most people were familiar with them long before Spotify offered them. I have been using PocketCasts for many years but iTunes has also carried podcasts for a long time.
