How Spotify Saved The Music Industry And Minted A Billionaire | Forbes

A decade ago, Daniel Ek convinced labels and artists to stream their songs on Spotify, reviving the flatlining music industry. Now, after amassing a $4.4 billion fortune, he’s moving past pop stars, opening his superstreamer to storytelling, live talk and a new breed of audio creators in a bid to own the world’s digital eardrums. The company has come a long way since Ek reluctantly threw on a suit and tie—and threw back a few whiskies—to pose for the cover of the first Forbes 30 Under 30 issue ten years ago. Back then, in January 2012, Spotify had just 500 employees, $300 million in sales and a valuation of $2 billion. The service had been available in America for only six months. Today, Ek’s superstreamer plays in 184 countries, has 7,400 employees and $9.7 billion in annual sales. Spotify went public in 2018, and Ek—who in 2012 had a paper fortune of $300 million—is now worth $4.4 billion. “Spotify was the force that transitioned hundreds of millions of users from