So, basically if you’re a large tech company waiting to get your hands on Spotify, you will be sadly mistaken…
According to a report by Bloomberg, Spotify’s Chief Executive and Co-Founder, Daniel Ek has boldly proclaimed that he has no plans whatsoever to sell the streaming service, and especially not to a larger US tech company. Ek believes that had entrepreneurs kept hold of their businesses and continued to build their own brands instead of selling to large-scale tech companies, those businesses potentially could have been huge successes.
At a recent music and technology conference in Stockholm, when asked whether he would sell Spotify, Daniel Ek said…
”Not going to sell, no. My biggest advice for entrepreneurs is don’t ever sell.”
Though, Spotify have recently released their financials, which show some scary figures highlighting major losses. The company losses have been increasing year-on-year, and 2015-year losses topped an astounding $188.7 million on revenues of roughly $2.12 billion. The company’s losses now cumulatively stand at $698.1 million since 2008, which have raised questions of whether Spotify’s business model is viable or not. Despite, the shocking financial results, Ek is sticking with his guns and hoping for a brighter future.
With this being said, Spotify’s revenue has actually been increasing and the streaming service has recently invested in hiring Troy Carter to help strengthen the streaming platform’s relationship with artists and songwriters in a bid to outweigh competition from the likes of Apple Music and Tidal.
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