A music service that is helping to change the way listeners think about the concept of a personal music collection. Spotify provides subscribers with access to a large music library, available on PCs, smartphones, tablets and other home entertainment systems, without subscribers ever owning a single track.
The music market.
CEO: Daniel Ek
Year Founded: 2006
Number of Employees: 800
Funding: Company declined to provide, but cited public reports valuing it at more than $3 billion, based on an estimated $188 million raised in funding.
Key Investors: Founders Fund, Digital Sky Technologies, Kleiner Perkins Caufield & Byers and Accel Partners
- Sean Parker is an investor, and has said Spotify will finish the job Napster started
- On the first day of Twitter's music service, Spotify beat out iTunes among Twitter users
- No profit, investing heavily in R&D and international expansion
- More than 6 million paying subscribers
- Over 24 million users
- Available in 28 countries
- 20 million songs with 20,000 added per day
- 1 billion user playlists created
- Advertisers include Coca-Cola, McDonald's, Chevrolet, Best Buy, Bacardi, Gillette and eBay