How To: Remove Items From Your Credit Report, How To: Boost Your Credit Card Approval Odds, Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands, Making Over $65K Per Year? In an anecdote, Ek said that there was some confusion about the name, but later the two decided that “spot” and “identify” could be combined to name it Spotify. Terms of Use | Theresa Welbourne, PhD, a professor at the University of Alabama, and lead researcher of a 2017 study on the fate of private companies that go public, says most CEOs sell at least some of their shares at the IPO, and Elk may follow suit. Daniel Ek co-founded the platform in 2006 with Martin Lorentzon. Spotify co-founder Martin Lorenzton, who stepped down as chairman in 2016 but remains on the board, invested about $6 million early on, and will nab $2 billion from the company’s IPO, Business Insider estimates. | Do Not Sell My Personal Information According to Ek, the company's title was initially misheard from a name shouted by Lorentzon. © 2021 The Hollywood Reporter, LLC. this link is to an external site that may or may not meet accessibility guidelines. The idea was born when Brian and his roommate and college friend, Joe Gebbia, needed money to pay rent. The stakes of the company’s cofounders, Swedes Daniel Ek and Martin Lorentzon, are worth billions. Spotify is getting ready to go public this week and some have predicted the company could be worth around $25 billion (£18 billion).. At last count, the … As of 2017 Spotify was valued at $16 billion, which would put Ek's share at over $1.6 billion assuming he did not sell any of his stake. 2nd: Shopify net worth. As for Ek, the Swedish entrepreneur and founder of the digital streaming-service, his company is valued at $1 billion. He left the Board of Directors in June 2017. The Spotify founder will focus on deeptech startups in Europe. Ek launched Spotify in 2008 for users in Europe, and brought the service to the U.S., with funding from streaming pioneers like Napster’s Sean Parker and μTorrent’s Ludvig Strigeus, in 2011. Daniel Ek attends the 2018 Breakthrough Prize at NASA Ames Research Center on December 3, 2017 in Mountain View, California. ... Adam Neumann Net Worth; “Music is art, and art is important and rare,” Taylor Swift wrote in a 2014 op-ed for the Wall Street Journal, after pulling her entire catalog from the streaming service. Spotify was founded in 2006 in Stockholm, Sweden, by Daniel Ek, former CTO of Stardoll, and Martin Lorentzon, co-founder of Tradedoubler. Guaynabo PR 00968. Today, Spotify has 150 million active users, and over 50 million subscribers who pay $10 a month for ad-free listening. Sitemap | Still, as long as it’s been around, Spotify has drawn sharp criticism for using a business model some say undercuts artists, and contributes to plummeting sales in an already bruised industry. Shopify offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools. FACEBOOK TWITTER TIL the CEO and co-founder of Spotify was also CEO of uTorrent. As of the fourth quarter of … Swedish entrepreneur Daniel Ek is the founder of the global music streaming service Spotify, which has a market cap of over $51 billion. Spotify's Daniel Ek has something in common with Mick Jagger and David Beckham: they're all worth $308 million. Spotify is all the music you’ll ever need. Early international launches. by Ek is the company’s CEO; his 9.2% stake is worth $2.45 billion. Spotify (SPOT) Will Be Worth 5x More in 2030 Says Guardian Fund. | EU Privacy Preferences, is working on a U.S. Internet radio service. With a net worth of $3.8 billion at the age of 36, Brian might have a lesson or two for us. Offers may be subject to change without notice. Today, Spotify has 150 million active users, and over 50 million subscribers who pay $10 a month for ad-free listening. For more information, read, Today's Mortgage Rates Tick Down | March 4, 2021. Later they thought out an etymology of a combination of "spot" and "identify.". Billionaires March 2016. “Important, rare things are valuable. TIL the CEO and co-founder of Spotify was also CEO of uTorrent.