After leading the music streaming behemoth for twenty years, Daniel Ek, the founder of Spotify, intends to retire as CEO formally. According to the company, his two deputies will replace the 42-year-old at the end of the year, but he will continue to serve as executive chairman and establish the company’s long-term plan.
It stated that the agreement would codify the business’s operations since 2023, when Mr. Ek relinquished a significant amount of day-to-day management. In a message to employees, Mr. Ek stated that he would continue to be “deeply involved” in major decisions concerning the company, which is one of the most prosperous Internet companies in Europe and has over 700 million monthly users worldwide.
Spotify stated that when it was established in Sweden in 2006, it aimed to use advertising and subscription revenue to compensate musical rights holders for songs that were successful on the site, thereby addressing the pervasive piracy issues afflicting the music business.
Although the company’s dominance has led to regular conflicts with musicians, who have criticized its payment procedures, its hold on listeners has strengthened as it has ventured into podcasts and audio novels.
He has invested some of those assets into a European venture capital firm, which has funded startups such as Germany’s Helsing, which builds military systems powered by artificial intelligence.
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