00:00We've all heard about Spotify, but do you know who founded it?
00:03How did it start?
00:04And what were the major milestones in its history?
00:09If you want to find out, keep watching this video.
00:12We will also tell you what business lessons we can learn from the story of...
00:15Spotify was founded in 2006 in Stockholm, Sweden, by Daniel Ek.
00:21The two had worked together for several years at a company called Resho.
00:24When they decided to leave Resho and start their own company,
00:27they met up with a friend named Alexander L. Schmidt,
00:31who became the third member of their team.
00:33Their goal was to create a way to easily share music over the internet.
00:37At first, the trio was unsure how they could make money with this idea.
00:42So they focused on creating the best product possible and getting a large number of users.
00:47Before Spotify, the main way people listened to music was by buying CDs or Vine or Rackle.
00:53However, the popularity of digital music was increasing rapidly,
00:57and it was clear that the industry needed to change.
01:00E. K. Lorenzen and Schmidt believed that the future of music was online,
01:05and they wanted to be a part of that future.
01:07They spent several months developing an early version of Spotify,
01:11and in February 2008, they launched the service to the public.
01:15Initially, Spotify was only available to users in Sweden,
01:18but the company quickly expanded to other countries,
01:21including Norway, Finland, Denmark, and Germany.
01:25One of the things that made Spotify different from other music streaming services
01:28was its focus on social features.
01:31Users could create playlists and share them with their friends.
01:35They could also see what their friends were listening to
01:37and discover new music based on their tastes.
01:40In addition, Spotify offered a wide variety of music and podcasts,
01:44as well as the ability to listen offline.
01:47again.
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