Career
Ek had been circling the same problem since about 2002, when Napster was shut down and Kazaa took its place. His conclusion was that piracy could not be legislated away, and that the only workable answer was a legal service that was simply better than stealing while still paying the industry. In 2006 he incorporated Spotify AB in Stockholm with Martin Lorentzon, the TradeDoubler co-founder he had met through the Advertigo sale, and spent two years negotiating licences with rights holders who had every reason to distrust him. The service launched on 7 October 2008, invitation only, in Sweden, Finland, Norway, France, the United Kingdom and Spain, and reached the United States in July 2011. Early versions used a peer to peer architecture borrowed from the file sharing world, which Spotify replaced with a server client model in 2014. Ek spent years defending the free, ad supported tier against label executives who wanted everything behind a paywall, arguing that free was how you reached scale and scale was how you produced subscribers. In October 2016 Lorentzon stepped down as chairman of the board and Ek took that role alongside the chief executive job.
Spotify Technology S.A., incorporated in Luxembourg, filed its Form F-1 with the United States Securities and Exchange Commission on 28 February 2018, a 256 page document that carried an unusually personal founder letter at its centre, and listed on the New York Stock Exchange under the ticker SPOT on 3 April 2018. It was a direct listing rather than an underwritten initial public offering: no bank underwrote the deal, the company issued no new shares and raised no money, and there was no offering price, only a reference price of $132 set by the exchange. The stock opened at $165.90, touched $169 and closed its first day at $149.01. Ek and Lorentzon retained control through beneficiary certificates that carry votes but no economic rights. In the years after, Ek pushed the company beyond music into podcasts, buying Gimlet Media and Anchor in 2019 and signing Joe Rogan to an exclusive deal in 2020, and later into audiobooks. The expansion was expensive, and in December 2023 he cut roughly 1,500 jobs, about 17 percent of the company, in the third round of layoffs that year, later conceding that the cuts disrupted day to day operations more than he had anticipated. The discipline showed up in the accounts: 2024 was, in his own words, the first full year of profitability in the company's history. As of the first quarter of 2026, reported on 28 April 2026, Spotify had 761 million monthly active users and 293 million Premium subscribers.
On 30 September 2025 Ek announced that he would give up the chief executive job. From 1 January 2026 he became executive chairman, with co-presidents Gustav Söderström and Alex Norström promoted to co-chief executives, both still reporting to him. He described the arrangement as a European chairman setup rather than an American one, more hands on than the title usually implies, with his own time going to long term strategy, capital allocation, regulatory work and the decisions that shape the next decade. Outside Spotify he co-founded the preventive health company Neko Health with the engineer Hjalmar Nilsonne in 2018, seeding it himself with about 30 million euros and chairing it without running it; in July 2026 Neko raised a $700 million Series C at a valuation approaching $7 billion. In February 2021 he set up the investment company Prima Materia with Shakil Khan, pledging $1 billion to European moonshots, and through it became an early backer and then chairman of the German defence technology company Helsing, leading a 600 million euro round in it in June 2025. A lifelong Arsenal supporter, he made an offer of roughly 1.8 billion pounds for the club in May 2021, which its owners rejected.