Spotify CEO Daniel Ek, who recently announced he was stepping down from the position, has revealed plans for his next venture in the tech industry. Ek says he wants to focus on technology that drives “progress in areas that matter most to society.”
“I am often asked, ‘How do we build more Spotifys out of Europe?’” Ek said in a note to Spotify employees on Tuesday. “That’s why several years ago, I announced my intention to help create more of these supercompanies — companies that are developing new technologies to tackle some of the biggest challenges of our time.” He has pledged to invest $1 billion of his own wealth in European “moonshot” projects relating to deep technology, AI, and climate and health tech through his venture capital firm, Prima Materia.
Ek founded Spotify in 2006 during a period when the global music industry was struggling with declining sales and online piracy. Services like Apple’s iTunes were expensive. Ek believed that if access to music were as easy as turning on a tap—in a way that was legal and fair to artists—users would be interested. He revolutionized the industry by focusing on streaming rather than downloads.
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Ek announced he was stepping down after nearly two decades leading the company. Spotify stated that he would be replaced by his two deputies at the end of the year, while he remains on as executive chairman, setting long-term strategy for the firm. Ek also mentioned that he would be “deeply involved” in big decisions involving the company.
In addition to Spotify, Ek had previously co-founded Neko Health, which helps people stay healthy through preventive measures and early detection. The company has raised $325 million in total funding. He has also invested in Germany’s Helsing, which makes AI-controlled combat drones. This investment sparked significant criticism, with music groups like Massive Attack, King Gizzard & the Lizard Wizard, and Hotline TNT removing their music from Spotify in protest.
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“Music and weapons are not a good mix,” said Simon Dyson, analyst at Omdia. With some high-profile artists pulling their music from the service, “the sounds of protest are starting to become a distraction,” he said.
Ek had also previously faced criticism for artist pay disputes, as well as controversies surrounding podcast investments. He has also been praised for creating a legal model that drew listeners away from piracy. Spotify’s outsized influence on artists, which has often meant inequity for independent labels, however, has been a source of significant criticism.