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Spotify Says ‘No’ To Sales Rumor
June 20, 2016 by admin
Filed under Around The Net
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Daniel Ek, co-founder of Swedish music streaming service Spotify which boasts the largest paid subscriber base in the world, said on Thursday he had no intention of selling the company.
While investors believe privately owned Spotify is probably heading for a public listing, some industry analysts see the loss-making company as a takeover target for a larger tech giant with deeper pockets.
“My selfish ambition with Spotify is just trying to show … that we can create one of those super companies here in Europe,” he told journalists at the symposium Brilliant Minds, which aims to bring artists and musicians together with the tech community.
Asked if that meant he was not up for selling the firm, Ek said: “I’m not going to sell, no.”
Spotify, founded in 2006, pays more than 80 percent of its revenue to record labels and artists and has not yet shown a profit as it spends to grow internationally. It competes in a business crowded with formidable rivals such as Apple Music, Google Music and YouTube.
Many other European tech start-ups have been swallowed up by bigger Silicon Valley competitors.
Ek said Silicon Valley got an earlier start in building up its tech giants but that Europe finally has the right conditions to support its own entrepreneurs.
“For the first time now there’s an ecosystem around it with capital and experience that can actually help guide entrepreneurs,” he said.
“The number one advice I tell everyone is ‘don’t sell’, because that’s the biggest problem we have. All these things could grow gigantic if you just kept the course and kept doing what you’re doing,” he added.
Last year Spotify made an operating loss of 184.5 million euros ($205 million), widening from 165.1 million in 2014.
Spotify, whose investors include Northzone, DST Global and Accel, does not disclose details about its ownership but the co-founders no longer own a majority, having sold off stakes.
Courtesy-http://www.thegurureview.net/aroundnet-category/spotify-says-no-to-sales-rumor.html
Microsoft To Overhaul Hotmail
Microsoft will debut next month a major overhaul of its Hotmail webmail service, with upgrades across the board, including in areas like spam, security and performance.
“We listened. We learned. We reinvented Hotmail from the ground up,” reads an invitation sent on Friday to journalists for press events to be held on Oct. 3 simultaneously in New York and San Francisco.
“Forget everything you thought you knew about Hotmail. Just don’t forget this date,” reads the invitation.
Hotmail’s primary competitors are Google’s Gmail and Yahoo Mail. The last time the consumer webmail market got a product jolt was in 2004, when Google surprised the world with Gmail and its then-unprecedented amount of email storage.
At that point, innovation in webmail services had stagnated for years but Gmail shook Microsoft, Yahoo and other webmail providers like AOL out of their comfort zone, as they quickly responded by increasing the size of their email inboxes.