Daniel Ek is one of the famous entrepreneurial innovators in the music industry. He is the co-founder of Spotify, a podcast and video streaming service website. He was born in Ragsved, near Stockholm, Sweden on February 21 in the year 1983.
As a teenager, Daniel Ek was already making websites . He attended the Royal Institute of Technology in Stockholm but dropped out in order to focus on building his advertising firm which he named Advertigo. Later, this company was sold to Swedish company TradeDoubler in 2006. For a brief period, he became the chief executive officer of μTorrent but he left when it was sold to BitTorrent.
In late 2006, Daniel partnered with Tradedoubler’s cofounder Martin Lorentzon to form Spotify AG. They intended the company to offer music online to subscribers for free provided that visual or audio advertisement is allowed. However, the subscriber can choose to pay $5 or $10 a month for the service without any advertisement.
Initially, the service was not enthusiastically welcome by music producers because the license fee was very cheap compared with other music service providers such as Apple’s itunes. However, Daniel and his men patiently worked with them instead of against them. He promised to eliminate music piracy due to the low-cost alternative.
The legal music streaming website was launched in 2008. Since then, millions of subscribers lined up to the service and investors opened their wallets to become part of the startup. It has accumulated over 18 million songs in its database and still growing.
Daniel has two children with wife Sofia. In 2017, trade magazine Billboard named him the most powerful person in the music industry. As of April 18, 2021, his net worth was estimated at 4.8 billion USD and Spotify’s number of subscribers has gone past 155 million.