The Business On... Daniel Ek, Spotify
Thursday 02 September 2010
Let me guess: another youthful internet mega-star
Got that in one. Mr Ek's the founder of Spotify, the internet music service that allows you to access almost any track you care to mention for the relatively minor inconvenience of putting up with odd advert or paying a small monthly subscription to get them removed.
So why's he in the news today?
Well the problem with Spotify is that it is rather limited – you can only get it through it your computer (and your mobile phone if you pay up). It is therefore tough if you are the sort of person who likes to listen to high quality music in surround sound in your living room. Mr Ek's hoping to crack that problem via a deal with Sonos, which makes wireless music systems.
Erm, who are they?
Ah, well, if you were into fancy hi-fi equipment you wouldn't be asking. Sonos' products are high-spec and expensive. They're favoured by just the sort of people who don't much like to listen to music through their computers because it tends to sound, well, tinny and flat.
So world domination is on its way?
Oh yes. Interestingly Spotify is a tech innovation hailing from Europe. It's not yet available in the US. Mr Ek is working furiously to secure deals with the music companies so he can launch before the end of the year. Given that Spotify was designed to offer an alternative to the illegal downloads which are smashing their businesses, he'll probably succeed.
Crikey – so he's the European Mark Zuckerburg then?
That's not such a bad comparison. Mr Ek could have been a star of "Junior Apprentice" – he started his first business at 14. Chances are he'll end up being worth rather more than Lord Sugar. The Swede – who is still only 27 - thinks his business could soon be fetching "tens of billions". Recent valuations have puts its value at around $200m and Mr Ek recently raised $50m from investors including Li Ka-shing, the Hong Kong billionaire who's other notable holdings include, you've guessed it: Facebook.
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 The biggest first date turnoff has been revealed
- 5 German man found living with 300 rats in tiny apartment
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Budget 2015: George Osborne to axe subsidies for higher income earners in social housing
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
£40000 - £50000 per annum + bonus: Ashdown Group: HR Manager - West London - £...
£17000 - £18000 per annum: Recruitment Genius: This is an exciting opportunity...
£55 - 65k (DOE) + Benefits: Guru Careers: A HR Manager / HR Business Partner i...
£23000 - £25000 per annum: Recruitment Genius: The Company's vision is to be t...