Skip navigation

Tag Archives: streaming music

Daniel Ek is one of BusinessWeek’s best young entrepreneurs. He entered the world of business at the young age of 14. His long exposure to the world of business helped him develop a knack for spotting business opportunities. While he witnessed the trouble that the music industry was experiencing in his youth, he also envisioned a way to both save the industry and to earn something for himself at the same time. So, as others decided to leave the music business for more stable and promising opportunities, Ek dove right in.

According to Ek, music will succeed if it overcomes the convenience of piracy. His company Spotify does just that. It is pretty simple to use: just download the program and run it on your computer, create an account and just like that, you have access to over 15 million tracks. This was made possible through two-plus years of negotiations with the giants of the music industry. Although it took a while, Spotify now boasts of a wide music collection, which users can listen to for free. The only catch is the recorded advertisements that are played every once in a while.

With Spotify, Ek has been labeled music’s last best hope. Because of his creation, billions of people can now hear the music of a given artist, even though only millions of that artist’s albums have actually been sold. Ek has introduced the concept that sharing begets more sharing, and it begets more people to listen to music. After all, isn’t that what creating music is all about?

Ek now heads a 300-person company that is on the brink of getting another round of funding. He has also gained partnerships along the way, including teaming up with Sean Parker, the co-founder of Napster and Facebook’s first president. Together with other investors, Ek is striving to make digital music both available and accessible anytime, anywhere.

Ek has definitely brought the music industry the change it has been waiting for.