"Spotify kicked off the year with a significant move. On January 1, its long-time CEO, Daniel Ek, stepped down to become chairman of the company. The CEO role is now held jointly by the former co-presidents, Alex Norstrom and Gustav Soderstrom. This change comes at a delicate, some would even say paradoxical, time for the music streaming giant. While the business machinery remains well-oiled, the market is skeptical that it can continue to grow at its current pace in the medium and long term."
"Last year, Spotify generated $20.4 billion in total revenue, an 8.2% increase compared to fiscal year 2024. Net income nearly doubled. These figures were accompanied by record customer numbers: 751 million monthly active users at the close of the fourth quarter of 2025 and 290 million premium subscribers. However, this impressive track record, which exceeded the company's targets last year, is not reflected in its share price."
"Dave Van Dyke, president of Bridge Ratings Media Research, a consultancy specializing in consumer analysis, doesn't believe it's accurate to speak of exhaustion, but rather of the industry's maturity. After a massive growth boom between 2013 and 2019, driven by the increasing ubiquity of smartphones, improved data networks, and the almost undisputed dominance of Spotify and Apple Music, growth has slowed, partly due to subscription exhaustion and inflation, which has led people who previously paid for more than one platform to end up sticking with just one."
Daniel Ek moved from CEO to chairman on January 1, with former co-presidents Alex Norstrom and Gustav Soderstrom assuming joint CEO responsibilities. Spotify reported $20.4 billion in revenue last year, an 8.2% increase versus fiscal 2024, and net income nearly doubled. User metrics reached 751 million monthly active users and 290 million premium subscribers. Share performance diverged from fundamentals, with a peak near $800 on June 25 followed by a 40% decline and a market capitalization around $94.3 billion. Industry observers attribute slower growth to market maturity, subscription consolidation, inflation, and the rise of short-form content.
Read at english.elpais.com
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