Spotify Founder Makes 'Rich List' With $308 Million Fortune
Spotify's Daniel Ek has something in common with Mick Jagger and David Beckham: they're all worth $308 million.
That translates to 190 million pounds in the U.K., and all three tie for No. 10 on the Sunday Times' ranking of the top 20 music millionaires. The list, via the Times' website, features record label tycoon Clive Calder in the top spot (1,350 million pounds) followed by producer Cameron Mackintosh (725 million) and Sir Paul McCartney and wife Nancy Shevell (665 million). Simon Cowell ranks seventh with a fortune of 225 million pounds.
As for Ek, the Swedish entrepreneur and founder of the digital streaming-service, his company is valued at $1 billion. Ek, stationed in Londonr, launched Spotify in 2008 and brought it to the U.S. three years later.
According to reports last week, Spotify is working on a U.S. Internet radio service that could launch by year-end and would challenge Pandora Media. In its current offering, Spotify operates as a music collection, allowing people to create playlists, while Pandora functions like radio -- a cheaper approach, since royalty rates are lower and set by government. Spotify, privately-held, boasts some 10 million registered users worldwide and 3 million paying subscribers, while U.S.-based Pandora has 150 million registered users.