The streaming company claims that the annual income of the EU ‘audio advertising market’ could easily reach $8bn – the same figure currently boasted by the US market across traditional radio, plus Sirius XM, Pandora etc. But that will only happen if and when those EU media buyers currently relying on commercial radio exclusively start splashing real money on Spotify ads.
Source: Here’s why Spotify thinks ‘free’ music is actually worth billions – Music Business Worldwide