Spotify expects to reach $100 billion revenue annually in the next 10 years

• CEO Daniel Ek expects gross margins to rise to 40% in the next 10 years

Spotify Technology SA (NYSE: SPOT) said on Wednesday it expects to reach $100 billion revenue annually in the next 10 years.

At the company’s first investor day since going public in 2018, CEO Daniel Ek also forecast gross margins to rise to 40% and operating margin to 20% in the next 10 years.

"Spotify will put out these pretty audacious targets and we are going after these because that's how we see the world and we are going to invest behind that," Ek said.