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Spotify said in a press release that the move “formalizes" how
Spotify has been operating since 2023, with Söderström and
Norström largely leading strategic development and operational
execution.
Ek said that he had already “turned over a large part of the
day-to-day management and strategic direction” to the pair.
“This change simply matches titles to how we already operate,”
he said. As executive chairman, Ek said he will focus on
Spotify's “long arc.”
In an online question and answer session following the
announcement, Ek said his new role would not be a ceremonial one
that investors with a “U.S. perspective” might expect.
In Europe, an executive chairman is typically “quite active in
the business," and acts as a representative to “certain
stakeholders” such as governments, he said.
Ek said he still sees growth opportunities, including a “huge
part of the world that’s really not accustomed to streaming”
stretching from Asia to Africa, as well as new technology
including artificial intelligence.
“I’m gonna keep pushing for us to look around the corner, stay
focused on the long term,” he said.
Since Ek founded Spotify about two decades ago, the platform's
rise has helped transformed the music business and paved the way
for modern streaming. Spotify now has more than 700 million
subscribers and a library of more than 100 million songs, 7
million podcast titles and 350,000 audiobooks.
Spotify shares, which have doubled in the past year, fell more
than 5% in afternoon trading after the announcement.
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