Spotify CEO Daniel Ek to Step Down After Almost 20 Years
Daniel Ek will step down as CEO of Spotify, the streaming company he co-founded in 2006, and transition to the role of executive chairman. Spotify's current presidents, Alex Norström and Gustav Söderström, will become co-CEOs starting on January 1, 2026.
Ek, aged 42, expressed his readiness to move from a player to a coach after spending nearly two decades as Spotify's CEO. The company has been planning this transition for years, with Ek promoting Norström and Söderström to co-presidents in 2023 to prepare them for leadership roles.
Norström has a background in business, marketing, and content, while Söderström, an engineer, focuses on technology and product development. Spotify's board member, Woody Marshall, expressed confidence in the new co-CEOs, stating that they are well-prepared to lead the company.
As Ek transitions to executive chairman, he will focus on long-term strategy and key investments, while emphasizing that Norström and Söderström will be in charge of running the company and making decisions.
Spotify has experienced significant growth under Ek's leadership, with its market cap exceeding $150 billion and its user base reaching nearly 700 million, including 276 million paying subscribers. The company's revenue in 2024 was over $18 billion.
The new co-CEOs plan to further expand Spotify's user and revenue numbers, with a focus on entering emerging tech markets in Africa and Asia. They aim to increase Spotify's subscriber base globally and leverage AI technology to enhance the music consumption experience.
Ek's future endeavors include investments in technology ventures beyond the music industry, such as a health screening startup called Neko and a defense technology company named Helsing. These investments reflect Ek's interest in supporting innovative solutions and addressing important global challenges.
Ek's journey from a college dropout to the co-founder of Spotify highlights his entrepreneurial spirit and commitment to solving complex problems. His vision for Spotify has transformed the music industry and positioned the company as a leader in the audio streaming market.