Is Spotify’s CEO richer than any musician in history?
There’s a lot more money to be made in streaming music than there is in creating it. Spotify CEO Daniel EK has an estimated net worth of $4.9 billion dollars.
By comparison, Fortune estimates Paul McCartney‘s net worth at $1.3 billion, and Taylor Swift just joined the Billionaire Club last year.
This sad reality was posited recently by veteran music journalist Ted Gioia.
Did you know the CEO of Spotify is wealthier than any musician in history—and has 4X the net worth of Paul McCartney?
— Ted Gioia (@tedgioia) June 12, 2024
Now you do.
There’s more money in disrupting music than creating it. pic.twitter.com/x46LBQnlzw
Bruce Houghton
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Artists make fractions of pennies per play. They made significantly more on cd sales. Now they have to tour constantly to try and make anything.