When Daniel Ek launched Spotify in 2006, the music world was in turmoil — piracy was rampant, CD sales were collapsing, and even Apple’s iTunes was struggling to convince listeners to pay per song. Ek, a 23-year-old coder from Stockholm, bet on a radical idea: that streaming, not downloading, would save the industry. Nearly two decades later, Spotify is used by almost 750 million people worldwide, valued at $140 billion, and credited with reshaping how the world listens to music.
Now, Ek says it’s time for his next act. The entrepreneur, who will step down as Spotify’s CEO in 2026, told Reuters that he wants to devote himself to deep technology, AI, and health innovation — sectors he believes can redefine Europe’s role in global tech.
“Big challenges often appear impossible until someone decides to tackle them,” Ek said. “At Spotify, we started with what felt like an impossible idea. Nearly 20 years later, what once looked unreasonable is now obvious.”
Ek plans to focus on early-stage European startups through his investment firm Prima Materia, pledging €1 billion ($1.18 billion) of his personal wealth to fund what he calls “moonshot projects” — companies tackling major problems like climate change, healthcare, and artificial intelligence.
TECH ENTREPRENEUR TURNED HEALTH AND DEFENCE INVESTOR
Ek already has a foothold in those areas. In 2018, he co-founded Neko Health, a preventive health-tech firm focused on early detection through AI scanning systems. The company has raised $325 million to date.
He has also invested in Helsing, Europe’s largest defence startup, valued at $12 billion after securing over $1 billion in funding to develop AI-controlled military systems. Helsing says its technology is used for defence purposes in Ukraine and Europe, not for offensive warfare.
The Helsing investment has stirred controversy in the music world. Bands such as Massive Attack and King Gizzard & the Lizard Wizard have removed their music from Spotify, saying Ek’s involvement in war technology undermines the platform’s artistic mission.
“Music and weapons are not a good mix,” said Simon Dyson, analyst at Omdia, adding that the backlash could become “a distraction” for Spotify’s brand.
Spotify declined to comment directly on Ek’s defence investments.
FROM CODER TO INDUSTRY DISRUPTOR
Raised in a Stockholm suburb, Ek began coding in his teens and built several startups before teaming up with Martin Lorentzon to found Spotify. His model — a mix of paid subscriptions and ad-supported streaming — lured users away from piracy and reshaped the global music economy.
Under Ek’s leadership, Spotify became not just a streaming service but a cultural platform: algorithmic playlists created overnight stars, podcasts expanded the company’s reach, and its subscription model became a blueprint for digital media worldwide.
Ek’s influence extends beyond business. Supporters hail him as the visionary who saved the music industry; critics argue that Spotify’s economics still favor major labels over independent artists. But few dispute his impact.
LOOKING BEYOND SPOTIFY
Ek, now 42, says he will remain executive chair of Spotify, guiding strategy while pursuing his new ventures.
“My co-founder likes to say that the value of a company is the sum of all problems solved,” he said. “Progress often comes from those willing to go against conventional wisdom.”
For the man who turned music into a utility, the next challenge is to turn Europe into a hub for world-changing technology — and perhaps create another “impossible idea” that becomes obvious in hindsight.
