Who Owns Spotify? The Streaming Giant's Ownership Explained

The Platform That Changed Music

Spotify Technology S.A. (NYSE: SPOT) is the world's largest music streaming platform, with over 675 million monthly active users and approximately 250 million paying subscribers as of late 2025. The company generates approximately $16 billion in annual revenue and has finally achieved consistent profitability after years of losses.

But unlike many tech platforms covered on WhoBrands, Spotify is not owned by a tech giant. It is an independent public company with a unique ownership and governance structure rooted in its Swedish origins.

Who Owns Spotify?

The Founders

Daniel Ek (co-founder and CEO): Ek founded Spotify in 2006 in Stockholm, Sweden, with Martin Lorentzon. Through dual-class share structures, Ek holds approximately 15-16% of economic ownership but controls significantly more voting power. His net worth fluctuates with Spotify's stock price but is approximately $7-10 billion.

Martin Lorentzon (co-founder): Lorentzon holds approximately 10-12% of economic ownership with significant voting power. He stepped back from day-to-day operations but remains on Spotify's board.

Together, the founders control a majority of Spotify's voting power through super-voting Class B shares, even though they own a minority of total equity. This structure ensures that Ek maintains strategic control over the company.

Major Institutional Shareholders

Early Investors (Reduced Stakes)

Spotify's early venture capital and private equity investors have largely sold their stakes since the company's 2018 direct listing on the NYSE:

• Tencent Holdings (China): Acquired ~9% in 2017, has reduced stake
• Tiger Global: Early investor, has reduced stake
• Accel Partners: Early investor, has reduced stake

The Spotify Brand Portfolio

Unlike Apple or Amazon, Spotify's brand portfolio is narrow:

Spotify also acquired several companies that have been absorbed into its platform:

• Anchor ($340M, 2019): Podcast creation tool, now Spotify for Podcasters
• Gimlet Media ($230M, 2019): Podcast studio (The Journal, Reply All)
• The Ringer ($250M, 2020): Sports/culture podcast network (Bill Simmons)
• Megaphone (2020): Podcast advertising technology
• Findaway (2022): Audiobook distribution
• Heardle (2022): Music guessing game (discontinued)

Spotify vs the Competition: Ownership Comparison

The competitive dynamic is striking: Spotify, an independent company with $16 billion in revenue, competes against music services owned by companies with $2-3+ trillion in market capitalization. Apple, Google, and Amazon can subsidize their music services with profits from other businesses. Spotify cannot.

This is why Spotify has been vocal about Apple's App Store policies (the 30% commission on in-app purchases) and has filed antitrust complaints in the EU. For Apple, Music is a feature that enhances the iPhone ecosystem. For Spotify, it is the entire business.

How Spotify Makes Money

Spotify raised Premium prices in multiple markets throughout 2024-2025, contributing to improved profitability. The company achieved its first sustained quarterly profits in late 2024 and into 2025, after years of operating at a loss.

The Podcast Bet

Spotify spent approximately $1+ billion on podcast acquisitions and exclusive deals between 2019 and 2023. This strategy was controversial:

• Spotify became the #1 podcast platform globally
• Podcast advertising revenue is growing
• Joe Rogan's exclusive deal drove subscriber growth

What did not work:

• Many exclusive podcast deals were not renewed (Gimlet shows, some Ringer content)
• The Spotify-exclusive model gave way to a wider distribution strategy
• Some acquisitions (like Heardle) were discontinued

By 2025-2026, Spotify has shifted from exclusive content to platform features: better discovery, AI-powered playlists, and video podcast support.

The Music Industry Power Dynamic

Spotify's ownership matters partly because of its relationship with the music industry. Three major record labels control approximately 65-70% of all music streamed on Spotify:

Spotify pays approximately 70% of its revenue to rights holders (labels, publishers, artists). This means Spotify's profitability is heavily influenced by its negotiating power with three companies that control most of the content on its platform.

The Luxembourg Connection

Spotify Technology S.A. is incorporated in Luxembourg, not Sweden. This is common for European tech companies listing in the US and provides certain corporate governance and tax advantages. The company's operational headquarters remain in Stockholm, with significant offices in New York, London, and other cities.

Frequently Asked Questions

Is Spotify owned by a bigger company?

No. Spotify is an independent publicly traded company (NYSE: SPOT). It is not owned by Apple, Google, Amazon, or any other tech giant. Co-founders Daniel Ek and Martin Lorentzon maintain majority voting control.

Does Tencent own Spotify?

Tencent Holdings (the Chinese tech conglomerate) acquired approximately 9% of Spotify in 2017 as part of a share swap deal. Tencent has reduced its stake over time. Tencent does not control Spotify.

Who owns the most Spotify stock?

Co-founders Daniel Ek (~15-16%) and Martin Lorentzon (~10-12%) are the largest individual shareholders. Institutional investors (Baillie Gifford, Vanguard, Morgan Stanley) hold significant stakes as well.

Is Spotify profitable?

Yes, as of late 2024/2025. Spotify achieved sustained quarterly profitability through subscription price increases, cost reductions (including layoffs), and growing advertising revenue. This was after years of operating losses since its 2008 launch.

The Bottom Line

Spotify is one of the few major tech platforms that remains independent and founder-controlled. In a streaming landscape dominated by Apple, Google, and Amazon, Spotify's independent ownership is both its greatest vulnerability (no deep-pocketed corporate parent) and its greatest strength (laser focus on streaming without competing corporate priorities). Understanding who owns Spotify reveals why the company fights so fiercely against App Store commissions and why its relationship with the major record labels shapes everything about the music streaming experience.

Explore tech and entertainment brand ownership on WhoBrands or browse technology brands.

Sources

1. Spotify Technology. Annual Report 2024. investors.spotify.com 2. SEC. Spotify 20-F Filing. 2025. 3. Bloomberg. "Spotify Ownership Data." 2025. 4. Music Business Worldwide. "Streaming Market Share." 2025.

All brand ownership data verified through WhoBrands.com's research methodology. Last updated: January 26, 2026.