After just overseeing the dismissal of 1, 500 people, Potify CEO Daniel Ek has raked in nearly$ 19 million in a stock sale, which Ek himself acknowledged presented a” significant” challenge to the streaming business.
Daniel Ek’s significant property sale comes at a time when performers are complaining that Spotify is greedy with nobility payments and is hoarding money.
This year, Ek sold 400, 000 promote products in Spotify, with a total market value reported as$ 118.8 million, according to an SEC processing. According to a report from the website Music Business Worldwide, this is the third time in the last 12 weeks that Ek has cashed in some of his Spotify property.
The four deals apparently total approximately$ 340.5 million.
In December, Spotify laid off 1, 500 people, or 17 percentage of its labor, as part of an effort to reach success.
This year, Ek acknowledged that the cuts created problems.
He apparently stated during an earnings call that” the effects of our December workplace reduction was another major problem.”
” Although there’s no question that it was the correct tactical decision, it did destroy our time- to- day operations more than we anticipate. It took us some time to find our standing, but more than four weeks into this shift, I think we’re back on track.”
After changing the way it compensates artists by “bundling” “certain subscription plans,” a move that does n’t sit well with creatives, Spotify is accused of being stingy with royalties.
The National Music Publishers Association,  , which represents popular song publishers, told MBW that” it appears Spotify has returned to attacking the pretty songwriters who make its enterprise possible.”
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