|Top Beneficial Owners||Ordinary Shares Number||Percent|
|Daniel Ek||32,323,633||16.7 %|
|Martin Lorentzon||20,988,551||10.9 %|
|Baillie Gifford & Co||22,136,902||11.5 %|
|Morgan Stanley||17,293,378||9.0 %|
|T. Rowe Price||14,252,970||7.4 %|
The multi-billion music streaming company Spotify is primarily owned by its founders, Daniel Ek and Martin Lorentzon. As of 2021, Daniel Ek has 16.7% ownership of ordinary shares and 31.9% of the voting power.
Where Martin Lorentzon has 10.9% of ordinary shares and 42.9% of the voting power.
Another key shareholder is Baillie Gifford & Co, a Scottish-based money management firm, followed by Morgan Stanley, T. Rowe Price, and Tencent.
Founded in 2008 with the belief that music should be universally accessible, it generated €9.66 billion in 2021.
Of these revenues, 87.5% or €8.46 billion came from premium memberships, while over 12.5% or €1.2 billion came from ad-supported members.
By 2022, Spotify had 195 million premium members and 273 million ad-supported users.
Spotify is the world’s largest music streaming platform, with over 381 million users across 184 markets worldwide.
The company was founded by Martin Lorentzon and Daniel Ek in 2008 in response to the shutdown of the peer-to-peer music service Napster.
Spotify became a success because it was the first company to determine how to distribute the music legally and compensate the music industry simultaneously.
The platform now offers curated music discovery services, music stations, audio customization, and private listening.
Recently, it has also ventured into streaming audiobooks, podcasts, comedy, poetry, and short stories.