Spotify’s performance was initially weak, with losses of $4.4 million its first year. The service included a paid version open to all and a free version that was invite-only. To obtain its music, it formed licensing deals with record labels in Europe. Its name was a combination of the words “spot“ and “identify“. Artists would be paid according to their “market share” - the total number of streams for their songs as a percentage of total songs streamed on the service.Įk partnered with Martin Lorentzon, a fellow entrepreneur, to launch the firm Spotify in 2006. The content would be provided directly from record labels and media companies, and thus would be digital rights management (DRM) protected. Specifically, his idea was to create a version of iTunes that streamed music. So he thought about starting a business that would use technology to address this issue. Ek was concerned about the amount of music piracy in his native Sweden.
He had even joined a band, though it never saw success. Growing up, he had two passions – music and technology. Historyĭaniel Ek was the Chief Technology Officer of Stardoll, a provider of online games, and an entrepreneur. Spotify’s mission is to give people access to all the music they want all the time - in a completely legal and accesible way.
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