Core Insights - Daniel Ek is stepping down as CEO of Spotify after two decades, transitioning to the role of executive chairman in January 2026, focusing on strategic decisions and capital allocation [1] - Alex Norström and Gustav Söderström have been appointed as co-CEOs, with Norström previously overseeing subscriptions and content, and Söderström managing product and technology [2] Company Evolution - Spotify was co-founded by Ek in 2006, aiming to revolutionize the music industry dominated by iTunes and plagued by piracy [3] - The company launched in Sweden and other EU countries in 2008 with a freemium model, and entered the U.S. market in 2011 [4] - Spotify went public in 2018, with its stock increasing approximately 326% since then, leading to a market capitalization of about $145 billion [5] Strategic Developments - Under Ek's leadership, Spotify expanded into podcasts, securing significant deals with high-profile figures such as Joe Rogan and Barack Obama, although it began reducing exclusive podcast agreements in 2023 [5] - The company has faced criticism regarding artist royalties, with notable incidents including Taylor Swift's temporary withdrawal of her music in 2014 over payment issues, and a 2024 policy change affecting smaller artists [7] - Spotify reported paying a record $10 billion in royalties to the music industry last year [7] Management Philosophy - Ek described himself as "probably the least powerful person in Spotify," highlighting the company's Scandinavian business model that promotes a flat management structure [6] - Spotify offers generous employee benefits, including a work-from-anywhere policy and six months of parental leave for all employees [6]