Daniel Ek, co-founder and CEO of Spotify, has built an impressive fortune estimated at $6.7 billion, according to Forbes. This immense wealth positions him as wealthier than any musician in history, which raises many concerns in the industry. Launched in 2008 after being founded in 2006 by Ek and Martin Lorentzon, Spotify has become a dominant force in the music streaming industry. The platform currently boasts over 381 million active users, with 172 million of them subscribing to its premium service. This massive global reach has solidified Spotify as an essential tool for both artists and listeners. Spotify operates under a dual-class share structure, with Ek holding close to 9% of the company’s shares and controlling 37% of the voting power. This ensures he maintains significant influence over the platform’s strategic direction. What sets Ek apart is how his financial success eclipses even the biggest names in music, including Taylor Swift, Jay-Z, and Michael Jackson. Despite their iconic status and massive commercial achievements, none have reached the financial heights that Ek has attained through Spotify. Even though the feat is pretty remarkable, it’s no secret that Spotify’s financial model is not entirely fair for the biggest contributors : the artists. This news highlight once again the dichotomy on the financial standpoint between the different actors in the industry. It’s safe to say the EDM community hopes for a change one day. Stay tuned for more news!Spotify CEO Becomes Wealthier Than Any Musician in History
