Cause for celebration has been greatly exaggerated.
From the press release:
“I always believed that Spotify could play an important role in revolutionizing listening around the world, and with more than 700 million users, we’ve truly charted a new course bringing creativity to every corner of the globe,” Ek said in a statement. “Over the last few years, I’ve turned over a large part of the day-to-day management and strategic direction of Spotify to Alex and Gustav — who have shaped the company from our earliest days and are now more than ready to guide our next phase. This change simply matches titles to how we already operate. In my role as Executive Chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement.”
Hold on their ex-chief. Spotify didn’t bring creativity to every corner of the globe, Spotify monetized creativity from every corner of the globe for their own benefit while giving back crumbs. Ek’s net worth is a reported $9.2 billion according to Forbes making him the highest paid person in the music business who has absolutely nothing to do with making music. Ick. Here’s hoping that long arc bends towards justice.
For more of my thoughts on Spotify, see Spotify Finally Rolls Out Lossless Quality Streaming (and why I don’t care).