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Daniel Ek

Spotify CEO Daniel Ek On “Over-Investing”, Corporate Reorg As Q4 Sees Big Jump In Users But More Red Ink

“In hindsight, I got a little carried away and over-invested relative to the uncertainty I saw in the market,” Spotify CEO Daniel Ek said this morning as the company reported a jump in users but wider losses, a week after announcing a reorganization of top management and hundreds of layoffs.   The music streaming giant announced 489 million monthly active users in the fourth quarter of 2022 (up 20%, its largest ever quarterly bump), with 205 premium subscribers (up 14%). Both numbers beat forecasts. However, losses widened on investments in podcasting and other costs. Spotify last week laid off about 600 staffers...
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Billboard

Daniel Ek Promises New Focus on Efficiency in Spotify’s ‘Next Era’

Spotify CEO Daniel Ek stressed his company’s focus “on tightening our spend and becoming more efficient” in the company’s fourth quarter earnings call on Tuesday (Jan. 31) — the first such call since Spotify announced it was laying off 6% of its global workforce. In...
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Spotify CEO Daniel Ek eyes elusive profits

Spotify CEO Daniel Ek will pivot his focus towards increasing the company's margins this year, but he doesn't plan to hold back on new investments in growth areas like audiobooks, he told Axios in an interview. Why it matters: Heavy investments in technology, marketing and content helped fuel Spotify's top-line...
odwyerpr.com

Laying People Off? Don’t Do What Daniel Ek Did

Is your company laying people off? Yes, it is that kind of time again, and whether you are giving the heave-ho to five people or 5,000, for heaven’s sake don’t do what Spotify founder and CEO Daniel Ek did this week. In a company-wide memo announcing the layoff...
AOL Corp

Spotify CEO Daniel Ek Says “Very Dire Macro Environment” Isn’t Stopping Company’s Momentum; Strong Subscriber Outlook Boosts Battered Stock

Spotify CEO Daniel Ek says the “dire macro environment” of inflation and other headwinds has not slowed the company’s momentum. He delivered the comments on the company’s second-quarter earnings call. The company reported total revenue of $2.9 billion, up 23% and just ahead of Wall Street analysts’ consensus expectation. Net losses widened to $126.8 million, or 86 cents a share, which missed the Street’s consensus, though any concerns about profitability were more than offset by strong subscriber trends.
Seekingalpha.com

Spotify Technology S.A. (SPOT) CEO Daniel Ek on Q2 2022 Results - Earnings Call Transcript

Spotify Technology S.A. (NYSE:SPOT) Q2 2022 Earnings Conference Call July 27, 2022 8:00 AM ET. Good morning. My name is Julianne and I will be your conference operator today. At this time, I would like to welcome everyone to Spotify’s Second Quarter 2022 Earnings Call and Webcast. [Operator Instructions] I would now like to turn the call over to Bryan Goldberg, Head of Investor Relations. Mr. Goldberg, you may begin.
celebrityaccess.com

Spotify CEO Daniel Ek Can’t Dodge Eminem Copyright Case Deposition

STOCKHOLM (CelebrityAccess) – The music publishing company that owns music penned by multiplatinum recording Hip-Hop icon and rapper – Marshall Mathers, who performs under the stage name Eminem, won a recent legal battle against Spotify and its CEO, Swedish billionaire Daniel Ek. Ek will now have to provide...
Digital Music News

Spotify Head Daniel Ek to Be Deposed In Eminem Publisher Lawsuit, Judge Confirms

About three months back, a court rejected Spotify’s motion for a protective order in a long-running legal battle, thereby determining that CEO Daniel Ek would have to provide an up to three-hour deposition. Now, a different judge has affirmed the ruling despite the Stockholm-based streaming platform’s objections. This...

Spotify to Reduce Hiring Growth by 25 Percent, CEO Daniel Ek Says

Spotify will “reduce hiring growth by 25 percent” over the next few quarters, according to an email sent by CEO Daniel Ek to employees on Wednesday. Though Ek said the company will continue to hire new staff, he cautioned that Spotify will “slow that pace and be a bit more prudent with the absolute level of new hires over the next few quarters,” the email said, an individual with knowledge of the matter confirmed to The Hollywood Reporter.More from The Hollywood Reporter'Batman Unburied': Winston Duke, Hasan Minhaj to Lead Spotify Cannes Lions PanelWhy Wall Street Has Been Hesitant About SpotifyAfter Joe...
Digital Music News

Spotify’s Annual Revenue Will Top $100 Billion In 10 Years, CEO Daniel Ek Says

Spotify CEO Daniel Ek says he expects the company to reach $100 billion revenue annually in the next 10 years. That’s up dramatically from year-2021 revenues of $11.4 billion. The prediction came at the end of a tough Investor Day 2022 talk in which the cost of Spotify’s podcast...
completemusicupdate.com

Daniel Ek says Spotify’s “best days are ahead”, despite tanking share price

Spotify’s share price hit an all-time low last month, even though the streaming company confirmed that premium subscriber numbers went up two million in the first quarter of the year, despite the Joe Rogan debacle and the closure of its Russian service. That’s because the investor community remains nervous...
TechCrunch

Daniel Ek pumps $50 million into Spotify: ‘I believe our best days are ahead’

The momentary rise, however, is a blip on the radar for Spotify, which has taken a beating this year — in part over its recent, weaker-than-expected growth forecasts (just like plenty of other streaming and software firms). As for the reasoning behind Ek’s purchase, the Spotify CEO wants you...

Daniel Ek to Buy $50 Million of Spotify Shares, Predicts Streaming Growth Ahead

Click here to read the full article. Spotify CEO Daniel Ek revealed that he is putting his money where his mouth is, releasing a Twitter message announcing that he will invest $50 million in the music streaming company. “I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead..,” Ek said in a Tweet. I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action...
Digital Music News

Daniel Ek Purchases $50 Million Worth of Spotify Stock After Shares Hit Record Low

Spotify CEO Daniel Ek has officially announced the purchase of $50 million worth of his company’s stock after shares late last month dipped to a record low of $95.22 apiece. Daniel Ek just recently took to social media to reveal his Spotify stock investment. SPOT rebounded past the $112 mark earlier this week but has since fallen back into the $104 range.