The music service Spotify, launched in 2008, has had many years of heavy losses. Today they have 626 million users and so far this year the app is showing record results.
David Ek’s luxury accommodation
Spotify was founded by Daniel Oak and Martin Lorentzon. The company became the world’s largest music service in 2015, and it has given the founders a real bang for their buck.
Among other things, Daniel Ek has bought a house for SEK 65 million in the exclusive area of Djursholm, writes The Express. But unfortunately water damage was discovered and the house had to be demolished.
Then he instead bought properties from the Djursholm family Looft Bernadotte on the historic peninsula Gamla Djursholm. Expressen writes that Ek bought two properties worth SEK 200 million.
In other words, things are going very well for the Spotify founder, who also got his hands on a villa in Marbella for over SEK 300 million.
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Spotify rakes in billions
It wouldn’t be going as well as it is for Ek if it weren’t for the fact that his company is doing well.
Swedish daily newspaper reports that Spotify has a turnover of just over SEK 45 billion and a profit of SEK 3.1 billion. It is the highest profit the company has reported to date.
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The price is increased
The music giant offers several different subscriptions to be able to listen to music without being disturbed by advertising, such as premium, family, student and duo.
At the same time as the music service increases its turnover, the price of the premium subscription has also been increased. Until 2021, the subscription cost SEK 99, but now it costs SEK 119 a month.
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