Not many know that it was a rejection from Google which made " Daniel what he has achieved today As a 16 year old he was turned away when he applied for a job at Google. This, daniel says was a start of a journey and a turning point " when he undertook a resolution' of not letting age interfere with his knowledge and subsequently gave birth to an idea, which he has since never looked back
The idea behind Spotify was " the opportunity" it gave to the sputtering music industry to create an alternative to music-piracy services such as Napster. Spotify gives a cut of the revenue to record labels and music publishers, which in turn pay out their artists and songwriters at varying rates.
The major labels – Vivendi SA’s Universal Music Group, Sony Corp.’s Sony Music Entertainment and Access Industries’ Warner Music Group – also own about 15%of the company, collectively. Spotify reported in November that its 2013 revenue was €747 million ($842 million) and it lost €57.8 million ($65 million).
List of VC Funding and Equity Investments in Spotify; As of 2015 137 VC funding firms have a stake in the company