“I keep forgetting it’s tomorrow,” he says at one point. Somehow, he doesn’t sound like he’s making excuses he’s focused on learning, on improving-a trait that has defined him, and Spotify, from the very beginning.Īs for the next day’s stock market debut, Ek willfully downplays its importance. In an analytical fashion that is typical of Ek, he then deconstructs both the limitations of the contest (“some folks were heavier to begin with,” he says) and the missteps that he made (“I lost too much muscle mass too early”). It was reported early last year that the company had already dropped more than $1 billion on podcasts alone-including the exclusive deal that brought Joe Rogan to the platform, which was reportedly north of $200 million.When I see Ek a few days later, on the eve of Spotify’s listing as a public company on the New York Stock Exchange, he acknowledges that he’d been bested in the body-fat battle by several competitors. Spotify’s profit margins were punished in 2022 by a hiring spree and its investment-forward battle plan, with operating losses growing 44 percent last quarter compared to the year prior. Ek promised that Spotify will curb spending across the board in 2023, focusing on “driving efficiency” and “not just growth at any cost.” He noted that restructuring and the recent layoffs that affected about 600 staffers last week were part of the efficiency push. “In hindsight, I got a little carried away and over-invested relative to the uncertainty I saw in the market,” he said, according to Deadline. Speaking on a fourth quarter earnings call to investors, Ek said that the company may have erred by heavily investing in areas like podcasts. Daniel Ek, Spotify’s chief executive, on Tuesday admitted he may have gotten a tiny bit spend-happy this year.
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