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Just a little-known truth for you: Daniel Ek doesn’t take an annual wage from Spotify.
Then once more, why would he?
The only largest shareholder in Spotify on the shut of 2022 was Ek, who held 31.93 million peculiar shares within the firm, or 16.5% of the whole, based on SEC filings.
At SPOT’s present share value on the NYSE (USD $161.82) these 31.93 million shares are cumulatively value USD $5.17 billion.
Earlier at present (October 25), as noticed by MBW, Ek bought a relative thimbleful of his Spotify inventory… for a fairly penny.
In response to a Spotify firm SEC doc, Ek at present filed to promote 400,000 shares in Spotify for whole proceeds of USD $64.21 million.
In response to the SEC doc (see beneath), the sale of Ek’s 400,000 shares was dealt with by JP Morgan.
Ek initially obtained these 400,000 shares through a inventory possibility train, revealed the submitting, again in July 2020.
Right now’s share sale by Ek follows a separate offloading of stock by the Spotify founder in July, when he bought 675,000 shares, which on the time had been value a shade over $100 million.
In each circumstances – at present’s sale and the July share sale – Ek’s shares had been technically bought by D.G.E Investments Restricted, an entity not directly wholly owned by Ek himself.
In 2023 phrases, it’s a superb time for Ek to promote: Spotify’s share value closed at present at $161.82, up 97.6% on the place it was on the shut of the primary buying and selling day of the yr, based on Google Finance.
The corporate’s present market cap stands at USD $31.50 billion.
Spotify’s peak day-closing share value up to now this yr got here in mid-July, when it hit $179.84.
Yesterday (October 24), MBW broke the news that Spotify is about to introduce vital changes to its royalty payout mannequin in Q1 2024.
In response to our sources, Spotify plans to introduce a system whereby every monitor on its service has to hit a minimal variety of streams every year earlier than it could actually generate royalties on the platform.
Indications at this stage are that this minimal threshold quantity might be within the a whole bunch, moderately than the 1000’s or tens of 1000’s.
Additionally reported yesterday: Spotify added 6 million paying subscribers all over the world in Q3 – the three months to finish of September.
The corporate ended Q3 with 226 million paying customers all over the world, with a complete MAU (Month-to-month Energetic Person) base of 574 million.
Chatting with analysts on an earnings call about Spotify’s international value rises this summer time, Daniel Ek mentioned that value hikes are “positively half now of the arsenal of instruments we will deploy to continue to grow the enterprise, and I feel it is best to count on us to make use of that after we see the suitable dynamics”.Music Enterprise Worldwide
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