Spotify's Daniel Ek: From Music Disruptor to European Innovator
Spotify's founder, Daniel Ek, is set to step down as CEO in 2024 to focus on European tech startups. Ek, who revolutionized the music industry, aims to invest in deep tech, AI, and health. Although praised for legalizing music streaming, his investments in defense have provoked artist protests.
When Daniel Ek founded Spotify in 2006, creating a viable music product seemed like a 'moon shot.' At the time, the global music industry was experiencing declining sales, rampant piracy, and expensive services like Apple's iTunes. Ek transformed this landscape with Spotify's streaming model, turning it into a $140 billion powerhouse.
Ek, who recently announced he will step down as Spotify's CEO next year, aims to focus on tackling significant challenges through technology in Europe. Ek plans to invest 1 billion euros via his venture capital firm, Prima Materia, in early-stage startups specializing in deep technology, AI, and health tech.
His investments have not been without controversy. Ek's involvement in Germany's Helsing, a defense startup, has led some artists to protest by removing their music from Spotify, arguing that music and weapons don't mix. Despite criticism, Ek's efforts have successfully shifted music consumption away from piracy to a legal framework.
(With inputs from agencies.)
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