Daniel Ek Invests $50 Million Into Spotify: 'I Believe Our Best Days Are Ahead'

Spotify co-founder Daniel Ek said on Friday that he's pouring $50 million into the music streaming service, driving its stock price up by more than 3% to a high of $108.98 per share during regular trading hours. From a report: The momentary rise, however, is a blip on the radar for Spotify, which has taken a beating this year -- in part over its recent, weaker-than-expected growth forecasts (just like plenty of other streaming and software firms). As for the reasoning behind Ek's purchase, the Spotify CEO wants you to know he believes. "I've always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead...," he said, adding that he didn't have to tell you about it, but wanted to.

How about make the basic shit actually work right?

[SoCalChris]

Maybe they can take some of that money and make their shuffle playlist function actually work. All I want is it to randomly play my library, not keep playing the same 50 songs that it thinks I want to hear out of the playlist.

Re:

[tlhIngan]

Maybe they can take some of that money and make their shuffle playlist function actually work. All I want is it to randomly play my library, not keep playing the same 50 songs that it thinks I want to hear out of the playlist.

Why would they do that? It would make customers not leave Spotify which would hurt their case that Apple Music is killing them.

Every customer that leaves Spotify is due to Apple Music doing illegal things and not because Spotify is missing features. Everyone who is born must be subscri

Re:

[echo123]

I left spotify to defund misinformation [slashdot.org], which has become a major problem. Joe Rogan has 4x the tuned-in audience that Fox News enjoys nightly. I didn't go to Apple Music because I thought the 'play similar music to this playlist' feature sucked. That's the feature I want most from a streaming music service.

The Joe Rogan Experience

[PopeRatzo]

On the day the Joe Rogan library of content first became available on Spotify (Sept 2020), their stock was trading at $283. Today, it closed at $104.

Go anti-woke, go broke.

Over a thousandth...

[bill_mcgonigle]

.. of what Musk invested into Twitter.

It would be interesting to see their books and figure out where the hell all that subscription money goes. It sure isn't into player usability. I listen to two exclusive podcasts on there, and they make it a chore for me every time to get back to my previous stopping point. No, I don't want to shuffle random pop music.

My RSS-based podcatcher does it perfectly and that got its last update in 2013.

I guess they gave Joe Rogan and the royals most of their development budget.

Re:

[stabiesoft]

Probably, most reports say they are paying 200M to him. So 4X what the founder is adding. I think this web 3 bust is going to make the dot-com bust look like the practice bust.

Here's an idea to improve the future of Spotify

[viperidaenz]

Let me 'dislike' a song you think I would have wanted to hear because the promotor paid you. Or would that interfere with one of your revenue streams?

I have plenty of music sources

[raind]

No thanks....!

I believe our best days are ahead...

[nospam007]

Famous last words.

Pay musicians more

[MpVpRb]

I use Spotify and like it a lot, but musicians get paid very poorly. They need to treat musicians better. I would gladly pay a bonus to bands I like if it ALL went to the bands