Founded in 2008 with the belief that music should be universally accessible, it generated €11.7 billion in 2022. Spotify has a free ad-supported service and a paid membership. Spotify is a two-sided marketplace where artists and music fans engage. This is how Spotify’s business model works. Since his success with Spotify, Lorentzon has been involved in university programs to encourage the next generation to become entrepreneurs. The pair were wealthy but unfulfilled, so they founded Spotify to revolutionize the music industry and give their lives purpose. Lorentzon met Daniel Ek when Tradedoubler acquired his firm Advertigo in 2016.Lorentzon met Hagnö at Cell Ventures in Silicon Valley and together, they decided to launch Tradedoubler to take advantage of the emerging affiliate marketing industry. Lorentzon’s first business success came from a company called Netstrategy which he founded in 1999 with Felix Hagnö.Martin Lorentzon is a Swedish entrepreneur best known as the co-founder of the music streaming platform Spotify and digital marketing company Tradedoubler.Indeed, in 2023 with 11.5% of Spotify’s shares, he’s worth around $2.5 billion. Who is Martin Lorentzon? Martin Lorentzon is the co-founder and one of the principal shareholders of Spotify. He eventually founded the online advertising company Advertigo and then created Spotify with its founder Martin Lorentzon. Ek dropped out of university after just eight weeks to focus on his passion for IT.He then decided to study at university after receiving a hefty tax bill from the Swedish government. Ek was making around $50,000 per month from his bedroom as an 18-year-old selling websites and hosting services.Daniel Ek is a Swedish entrepreneur and billionaire who co-founded Spotify in 2006 alongside friend and business partner Martin Lorentzon.Indeed, in 2023 with 16.5% of Spotify’s shares, he’s worth around $3.7 billion. Who is Daniel Ek? Daniel Ek is one of the founders and one of the principal shareholders of Spotify. How Spotify was organized as of 2017, based on the various entities worldwide (Source: Spotify F-1). Martin Lorentzon has 10.9% of ordinary shares and 42.6% of the voting power.Īnother key shareholder is Baillie Gifford & Co, a Scottish-based money management firm, followed by Morgan Stanley, T. As of 2023, Daniel Ek has 16.5% ownership of ordinary shares and 31.7% of the voting power. The multi-billion music streaming company Spotify is primarily owned by its founders, Daniel Ek and Martin Lorentzon.
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