These would cover about 80% of all votes in Spotify.
Since the company’s IPO launch in April, Ek and Lorentzon’s holdings have decreased just half a percentage point.Īccording to Di Digital, both Ek and Lorentzon have the opportunity to extend their voting rights via special certificates. He remains the company’s largest shareholder, followed by Tencent – which owns 10% – and Ek. Lorentzon now owns 11.8% of the company, down from 12.2%. Both still own a large percentage in Spotify.įollowing the sales, Ek’s total holding in the company has dropped from 8.8% to 8.3%. The company reportedly had a market valuation of $31.5 billion at close on Thursday. Despite the sizable sales, Ek and Lorentzon clearly don’t want to lose control of the company. This sale of shares will constitute a minimal part of his holding in the company.”Įk and Lorentzon refused to comment on the news. “ Daniel will sell a small share of shares in the next nine months as part of his long-term financial strategy. Speaking with the Swedish publication, Sofie Grant, a Spotify representative, confirmed the sale. He also stated his intention to sell more shares for kr 288 million ($31.7 million).
He is on the Board of Directors at Spotify Technology SA. The company has a major announcement scheduled for May 20 in New York City.Lorentzon, meanwhile, sold 317,800 shares between July and September for kr 530 million ($58.3 million). Martin Lorentzon is an Independent Director at Spotify Technology SA. Spotify could be adding video content to its service as well. Tidal has also announced a Discovery program to highlight independent and rising artists. Jay Z’s platform currently provides streaming of movies, live concerts, and video premieres. Tidal currently has around 700,000 paid subscribers. Over 10 million people are paid subscribers to Spotify with 30 million active users of the free option. According to people in attendance, Lorentzon responded by saying, “I’ve got 99 problems – and Jay Z ain’t one.” The executive was asked if he was worried about the rise of Tidal. Spotify’s chairman, Martin Lorentzon, spoke at the STING Day conference in Stockholm, Sweden last week. However, Tidal has gained attention for its exclusive content and its payout rate to artists which is reportedly close to four times the rate of Spotify. The streaming company that was purchased by Jay Z earlier this year has had a rough start after its relaunch in March. (AllHipHop News) Industry leader Spotify does not seem to be too concerned about new competitor Tidal. Spotify was launched on October 7, 2008, as a streaming music playback application for computers, available at that time only in some European countries such as Finland, Sweden, Norway, United Kingdom, Spain, and France.Since then users could access an extensive music library without downloading anything.
0 kommentar(er)
