Spotify is a peer to peer music streaming service that has seen significant growth in the past few years. Not only does Spotify offer online services, but the service can be used through your mobile phone and desktop as well. In an age when services like Pandora and Groove Shark continue to rise in popularity, it’s no surprise to see additional competitors stepping out into this growing market filled with hopeful entrepreneurs. For this and more we take a look at entrepreneur Daniel Ek in the spotlight this week. We’ll look at just how he did it and highlight what lessons any upcoming entrepreneur can learn.
Summary:
Name: Daniel Ek
Age: NA
Location: Stockholm, Sweden
Claim to fame: Spotify (P2P online music streaming service with desktop and mobile support.)
Initial cost: < $2000
How He Did It:
Daniel Ek is a serial entrepreneur from Europe who started his first company when he was only 14. Daniel founded Spotify in 2006 and launched the product to the public for the first time in October of 2008. Spotify uses a paid-subscription model to generate revenue from the product. They also offer a free service supported by ads similar to Pandora. Availability is currently limited to only Europe, but plans to expand to the US and further are in the works as popularity continues to rise for Spotify.
Lessons Learned:
- Emerging markets and trends are great starting points for someone looking to launch a startup.
- Competition doesn’t mean there isn’t anymore room for a new business in that area.
- You’re never too young (or old) to start your own business.
Did you miss last weeks spotlight? Check it out here: The Entrepreneur Spotlight: Tim Westergren.
Be on the lookout for our next entrepreneur spotlight article in this ongoing series. In the meantime, be sure to leave a comment and let me know what you think about the success of this week’s entrepreneur and his entrepreneurship characteristics. Also, please let me know if you have an entrepreneur you would like to see featured here in the weeks to come.
Sources:
Related posts:
