It was too small at the time the law came into force. It's actually just about big enough now (market cap 110bn). That said, it's not at all clear that it's a gatekeeper in the sense that, say, Apple or Google are; it's mostly just one reseller of many of other peoples' stuff, and most Spotify users aren't forced to use it. It's just hard to see how it poses the same sort of competition problem.

(You could maybe make a _vague_ argument based on podcast exclusives, but it seems like pushing it a bit.)

The really puzzling one to me is TikTok, which is included but feels like it barely meets the criteria.