Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday, as it adopts a new co-CEO structure in its strategy to fend off rivals and shore up its profit margin. - REUTERS
00:00Spotify founder Daniel Ek is stepping down as CEO, the company announced Tuesday, as the streaming giant reshapes its leadership team to fend off rivals and shore up profits.
00:13Ek, who built Spotify from a Swedish startup into a global tech powerhouse, will become executive chairman in January, shifting from what he called player to coach to focus on long-term strategy and capital allocation.
00:27Two longtime Spotify executives, Gustav Soderstrom and Alex Nordstrom, will step in as co-CEOs and report to Ek, who also serves on the board.
00:39With nearly 700 million monthly users and over 100 million songs, Spotify remains the market leader.
00:47But competition is heating up, from Apple Music, YouTube Music, and Amazon Prime's offerings.
00:53And pressure on profit margins persists as artists push for higher payouts and the ad-supported tier expands.
01:01The company reported its first annual profit only in 2024, after a slew of price increases and cost-cutting efforts.
01:10Shares of Spotify were down more than 5 percent Tuesday morning, after gaining 63 percent this year.
01:16Shares of Spotify was up and went on for a thousand percent above two investor years of audience for SEX.
01:18Shares of Spotify could be a flat and
01:38it was also a tribal association with no other clients good.
01:42Shares of Spotify has been founded 3 as well and his dad alluded to 3,4 brand out of one.
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