Today, Ek’s superstreamer plays in 184 countries, has 7,400 employees and $9.7 billion in annual sales. The service had been available in America for only six months. Back then, in January 2012, Spotify had just 500 employees, $300 million in sales and a valuation of $2 billion. The company has come a long way since Ek reluctantly threw on a suit and tie-and threw back a few whiskies-to pose for the cover of the first Forbes 30 Under 30 issue ten years ago.
Its stock, stuck on pause for most of 2021, popped 10%, adding $5 billion in value and pushing Spotify’s market cap above $50 billion for the first time since the summer. Ditto paid subscribers, who now top 170 million. Active listeners grew just shy of 20% over the same time the previous year to more than 380 million. Ad sales climbed 75% to nearly $375 million. Revenue hit $2.9 billion, a 27% jump from the same quarter last year. Earlier in the day, Spotify dropped blowout quarterly numbers, making a racket that reverberated across the worlds of Wall Street, music and media. “It was crazy, because it was the first in-person meeting we’ve done here in two years,” says Ek, decked out in black jeans, a black suede coat and patent-leather sneakers. The soft-spoken Swede, who has a shaved head and a beard, has been on the move since 5 a.m., hosting calls with financial analysts, sitting for a parade of interviews and leading a 200-employee town hall. Spotify just reported third-quarter earnings, and Ek, a 38-year-old self-described introverted engineer who seldom gives interviews, is having a rare day in the spotlight. The room is being prepped for dinner with Spotify’s board, which will include a surprise performance by Brothers Osborne-a hip country-rock duo whose hit song “Stay a Little Longer” has been streamed 180 million times on Ek’s music service.
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