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Spotify founder and CEO Daniel Ek will step down in January to become executive chairman as the company embraces a new co-CEO structure aimed at strengthening its market position and boosting profit margins. Ek, who launched Spotify in 2006 and transformed it into the world’s largest music streaming platform, will shift focus to capital allocation and long-term strategy. He described his new role as moving “from a player to a coach,” highlighting his intent to remain deeply involved in the company’s direction.
The leadership transition introduces Gustav Soderstrom, chief product and technology officer, and Alex Norstrom, chief business officer, as co-CEOs. Both have been with Spotify for over 15 years, overseeing technology, product development, subscriptions, advertising, and content businesses. They will jointly report to Ek while steering Spotify through intensifying competition with Apple Music, YouTube Music, and Amazon Music.
Spotify currently leads the global music streaming industry with nearly 700 million monthly users and a catalog of more than 100 million tracks. Apple Music trails significantly with around 90 million subscribers, while YouTube and Amazon leverage video integration and bundled services to attract audiences. Despite its dominance, Spotify continues to face challenges from rising artist payout demands and thinner margins in its ad-supported tier.
The company reported its first annual profit in 2024 after implementing price hikes and cost-cutting strategies. Global recorded music revenue reached $29.6 billion last year, with streaming surpassing $20 billion for the first time, according to IFPI’s Global Music Report.
While some analysts see the co-CEO structure as a way to handle Spotify’s growing complexity, others warn it could create blurred leadership lines. Still, Ek’s continued presence as executive chairman underscores his commitment to shaping Spotify’s future as it enters a new chapter in its journey from startup to global giant.
