![]() Last year the No 1 most streamed artist on the platform globally was Bad Bunny, followed by Taylor Swift, Drake, The Weeknd and BTS. Martin Lorentzon cofounded Spotify in 2006 with his friend Daniel Ek they launched the streaming music service two years later. “Over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Ek wrote.Īmazon, Microsoft, Facebook parent Meta, Google’s owner, Alphabet, and the business software company Salesforce have all announced significant job cuts recently, citing an uncertain economic environment and overexpansion under Covid restrictions when there was a boom in demand for tech-related products and services. After starting his career as an entrepreneur at age fourteen, Daniel Ek, creator of Spotify began a new bet in the online. Daniel Ek, (born February 21, 1983, Stockholm, Sweden), Swedish entrepreneur who in 2006 cofounded Spotify, an Internet music-streaming service that provides listeners with legal, ad-supported access to millions of songs, rejecting traditional models of downloading and eliminating per-song costs. The company makes money from its premium service, which accounts for about 85% of its revenue, with the rest coming from its ad-supported service. Spotify’s operating expenditure grew at twice the speed of its revenue last year, Ek wrote, as the Stockholm-based company invested heavily in its podcast business. Spotifys key executives include Daniel Ek and 16 others. “In hindsight, I was too ambitious in investing ahead of our revenue growth.” Spotifys Founder, Chief Executive Officer & Chairman is Daniel Ek. ![]() “Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us,” he wrote.
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