October 2008 witnessed online music being taken to a whole new level with the launch of Spotify. This free music app started with a simple vision of converting millions of pirates who illegally downloaded music to a potential customer base, providing them with a legal service for the same. Little did the founders know this app would take the world by storm and become the go to music application for millions. Keep reading to know how this Swedish music company turned free music into a $ 26 billion dollar fortune.
Where it all began
Spotify is the brainchild of Swedish entrepreneur Daniel Ek. Daniel Ek was born in Stockholm on the 21st of February 1983. Ek had a passion for technology since his childhood. At the age of 14, he was already developing web pages for businesses and managed to earn around $150,00 a month. He invested this money into servers where he hosted web pages. In the year 2006, Ek started his own online marketing firm, Advertigo. Despite all this, Ek was looking for something which would give him more than just money—satisfaction.
Back then, Sweden was home to millions of pirates who downloaded and shared music illegally. When the government finally decided to shut that down, Daniel Ek saw a great opportunity to turn these pirates into potential customers and thus began the journey of Spotify.
Ek sold his marketing firm to the Swedish company TradeDoubler and then established Spotify along with Martin Lorentzon, the cofounder of TradeDoubler.
Initial developments and struggles
Spotify’s development began in the year 2006 by Daniel Ek, Martin Lorentzon anda team of people at Spotify, in Sweden. According to Daniel Ek, the Company’s name is a combination of the two words “spot” and “identify”.
In the beginning, the music industry showed very little interest in Spotify, as its idea to stream free music earned the industry far less revenue when compared to other paid services such as iTunes. For this reason, it became extremely difficult for Ek and Lorentzon to get investors on board for the project. All these limitations, however, could not stop them. The Spotify development team was finally able to launch the official application by 7th October 2008.
From an idea to a billion dollar entity
After the launch of the app, Spotify was unstoppable. Within a short span, the app gained immense popularity, both among users and investors. In 2009, Spotify won the backing of Facebook when Mark Zuckerberg took to his social media and wrote “Spotify is good.” By 2010, the market value of Spotify increased to be $ 4 billion. In 2011, Spotify launched its services in the United States and allied with Facebook. The user base of Spotify quickly grew to 5 million active users by the end of that year. In 2012, Spotify had 18 billion tracks and 20 million users. Over the years, top artists started collaborating with the streaming and Spotify started spreading its wings to the U.S.A., New Zealand, Australia and parts of Africa and Asia. As of April 2019, Spotify provides access to over 40 million tracks and has over 200 million users, more than 100 million of whom pay for the service.
Future scope of Spotify
At present, Spotify has to rely on speakers made by Apple, Amazon and Sonos, but recent reports suggest that Spotify is working on its own voice assistant and smart speaker. This smart speaker could prove to be a rival for Amazon’s Alexa.
Ten years ago, Ek made an assumption, people who go against the law to download music could as well pay a small fee to stream music in a legal way. This assumption of his proved to be true and today, one among the most used apps in the world.
Daniel Ek and Martin Lorentzon proved to the world, with passion and hard work, no goal is too far. Every entrepreneur can definitely learn something by looking at Spotify’s decade long journey.
Meta is developing its first true AR glasses, set to launch in 2027. Before the public release, employees will test the device starting in 2024. The company is also releasing new generations of Ray-Ban smart glasses in 2023 and 2025 with enhanced features like a “viewfinder” display.
Specifications and Features
The AR glasses are expected to feature OLED displays and Qualcomm Snapdragon chipsets, offering sophisticated AR and AI capabilities. They will enable users to interact with virtual objects and project high-quality holograms of avatars onto the real world.
Design and Competition
Meta aims for a sleek design, potentially building on its Ray-Ban partnerships. The AR glasses market is competitive, with Apple and Google also investing heavily. Meta seeks to make its AR glasses a game-changer by offering a unique user experience.
Future Plans
In addition to AR glasses, Meta is expanding its VR offerings with new headsets like the Quest 3 and exploring other wearable technologies. The company is focused on reducing costs to make the AR glasses more consumer-friendly by launch.
MobiKwik is venturing into the stock broking sector with the launch of its subsidiary, MobiKwik Securities Broking Private Limited (MSBPL), following approval from the Ministry of Corporate Affairs on March 3, 2025. This move aims to diversify MobiKwik’s offerings beyond its core digital payments services and compete with established players like Zerodha and Groww.
MSBPL will provide a range of brokerage services, including trading in shares, securities, commodities, and derivatives. The subsidiary has an initial capital of Rs 1 lakh, with plans for an additional Rs 2 crore investment to support its operations.
As MobiKwik enters this competitive market, it brings a substantial user base of 172 million and a merchant network of 5 million. Despite recent financial challenges, including a reported loss of Rs 55.2 crore in Q3 FY25, the company aims to leverage its existing infrastructure and user engagement to capture a share of the growing investment technology market, projected to reach $74 billion by 2030.
This strategic expansion aligns with MobiKwik’s broader goals of enhancing its financial service
Nazara Technologies has sold its entire 71.54% stake in Sports Unity Private Limited, the company behind the multiplayer quiz game ‘Qunami’, for INR 7.15 lakh. This divestment, effective March 25, 2025, signifies a strategic shift for Nazara, which had previously acquired a controlling interest in Sports Unity in 2019 for INR 7.5 crore.
The decision to offload the stake comes as Sports Unity has faced financial difficulties, reporting no active business operations and a negative net worth of INR 0.45 crore at the end of FY24. This move aligns with Nazara’s broader strategy to streamline its operations and concentrate on more profitable ventures within the gaming sector.
This sale follows Nazara’s recent divestment of a 94.85% stake in another subsidiary, Open Play, to Moonshine Technologies for INR 104.33 crore. Despite reporting record quarterly revenue of INR 544.7 crore in Q3 FY25, Nazara experienced a 53.5% decline in net profit year-over-year.
Nazara continues to focus on enhancing its portfolio through strategic acquisitions and investments in high-potential gaming platforms while navigating the competitive landscape of the gaming industry.