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Spotify wants to be the Nike of audio. Here's how CEO Daniel Ek plans to do it. - Business Insider

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Spotify wants to be the Nike of audio. Here's how CEO Daniel Ek plans to do it.

But for Ek, the best way to expand the 248 million figure to a billion is through experimentation.

He wants a culture of experimentation to drive innovation: "You can't have a culture of experimentation if you don't allow for failures to happen." Ek talked about how Spotify uses "hack weeks" to develop new ideas to push the app forward. He said that developing the discover feature means that more people listen to different content more often and that, in turn, helps to grow the business as artists put their music on the platform to which will be suggested to people.

But for Ek even with this variety, the key is to "find a commonality between them which becomes powerful and galvanize behind it," as he wants more than a million people to be able to live off their art via the platform.

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