![]() ![]() Podcasts seem like a long-term bet for Ek and Spotify, and the firm’s investors are banking on the strategy. And in March, Spotify added true-crime podcast specialist Parcast to its list of buyouts, for an undisclosed fee. ![]() Spotify has earmarked between $400 million and $500 million for acquisitions in the space this year, with more than $340 million being splashed on two podcast companies in February : Gimlet and Anchor. In its past four financial years (2015-2018), its cumulative annual net losses have exceeded $2 billion.Įk knows that in order to become profitable, Spotify probably needs to find something else – an additional lynchpin for its service that can drive ancillary income. Spotify has revolutionized the music business, becoming a $28 billion-valued company trading on the New York Stock Exchange – yet it still burns money. The point being that I am a different person.”Įk’s willingness to transform, to add and strip things from his personality as time has worn on, is reflective of the metamorphosis of his other beloved offspring – the world’s biggest subscription music-streaming service. I have two kids at home, I go home and watch Homeland and do emails, fall asleep, and start over again. By the time he’d reached the grand old age of 33, he said: “Today I am semiboring. As the Spotify founder revealed at Helsinki’s Slush conference in 2016, over the first 10 years of him building Spotify, he underwent a dramatic personal evolution. That’s the honest truth.”ĭaniel Ek is a changed man. ![]() “ I started Spotify … I was single and 23 and spraying champagne on people in bars in downtown Stockholm … I used to think that people who went and picked up their kids from day care were losers and were checking out too early. ![]()
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