Spotify's Daniel Ek Steps Down as CEO in 2025, Co-CEOs Named
Spotify founder-CEO Daniel Ek will step down as CEO in January 2025, marking a significant shift in the company's leadership. Ek will remain on the board and adopt a new role as executive chairman, focusing on capital allocation and long-term strategy. Jonathan Soderstrom and Alex Norstrom will take over as co-CEOs, overseeing global tech strategy and product development, and subscriber and advertising businesses respectively.
Spotify's move comes amidst increasing competition from the likes of YouTube Music and Amazon Music, which have gained traction in certain markets. Despite this, Spotify remains the market leader with nearly 700 million monthly users and over 100 million tracks. The global revenue from recorded music rose 4.8% to $29.6 billion in 2024, with streaming exceeding $20 billion for the first time, reflecting the growing demand for music streaming news.
Spotify reported its first annual profit in 2024, driven by price increases and cost-cutting efforts. The new co-CEO structure will see Jonathan Soderstrom and Alex Norstrom working together, joined by Dawn Ostroff and Gustav Söderström, to lead the company forward. Ek's decision to step down as CEO allows him to focus on long-term strategy and capital allocation, ensuring Spotify's continued growth and competitiveness in the market.
With the appointment of Jonathan Soderstrom and Alex Norstrom as co-CEOs and Daniel Ek transitioning to executive chairman, Spotify's leadership is poised for a new chapter. As the market leader in music streaming, Spotify faces competition but remains strong, with global music revenue on the rise. The new structure aims to drive Spotify's success in an evolving market, with Ek's strategic guidance and the collaborative leadership of the co-CEOs.
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