Daniel Ek – Founder of Spotify, Net Worth and Bio
Daniel Ek, is a swedish developer and entrepreneur. He is the founder of the largest streaming platform popularly known as spotify . The platform has over 70 million premium subscribers who actively stream new music, audiobooks and podcasts. The billboard magazine even went on to name him as one of the most important people within the music industry.
Daniel did not always enjoy a life of luxury as he was growing up, this is because he grew up in one of the suburbs within stockholm in a middle class family. His family did not have much money but they had enough to take care of him. He also grew up in jovial and musical household whereby his grandmother was an opera singer and his grandfather was a gifted jazz pianist. The music gene rubbed off on him and he started playing the guitar at a very tender age.
At the tender age of 14 Daniel developed an interest in programming and began learning how to code using languages such as C++ and HTML CGI. With this new found knowledge Daniel began designing websites for small businesses and his client portfolio kept on increasing. He was able to make as much as $50,000 a month as a teenager with his web development business.
This rapid growth landed him into trouble with the swedish tax authorities since he was not paying any taxes. He found himself owing the government thousands of pounds and he had no idea on how he would raise this money. Luckily the acquisition of skype by ebay saw the european market open up to acquisitions and this enabled Daniel to sell some of his companies making him a millionaire at the age of 23.
The conceptualisation of Spotify
With his new found wealth Daniel started living large and was always spotted in night clubs and parties. After sometime Daniel got tired of his party boy lifestyle and decided to sell his expensive sports car and move to a cottage to do some soul searching. He grew close to Martin Lorentzon the investor who bought his company “Advertigo” and that is when they came up with the idea of launching spotify. They drew inspiration from napster a music service that was shut down due to numerous legal woes. Napster founder Sean Parker figured out what they were on to an became one of the earliest investors and board members.
It took close to three years to raise money since investors were very hesitant on how they would get their money back from the music industry. Daniel loved the challenge and always placed himself in situations that would have led a normal person to give up. He even slept outside an office for over three months to get an appointment that he really wanted. According to Parker the only thing that throws Daniel off is when Arsenal losses.
Daniel Ek Net worth
Daneil Ek at the age of 35 years has a 9% stake in Spotify that is estimated to be worth 2.5 billion dollars. He also has 37% of the voting control. In 2019 it is estimated that Daniel Eks has a net worth of around $3 billion dollars. He no longer accepts a salary from Spotify but will always be rewarded in line with Spotify’s future performance.
Regarded as one of the most important individuals within the music industry, Daniel rubs shoulders a lot of famous celebrities. His wedding was graced by Bruno Mars, Chris Rock, and Mark Zuckerberg. Despite his fame and wealth Ek still maintains a simple lifestyle and he has been spotted on several occasions shopping for groceries like an average joe. It is this virtue that led him to become one of the most people within the music business.