Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it named longtime executives Gustav Soderstrom and Alex Norstrom as co-CEOs.

The leadership change comes as Spotify expands into podcasts and audiobooks amid questions over how it will balance growth and profitability. Its shares fell about 3.4% in premarket trading.

Spotify is the world’s largest music-streaming service with more than 600 million monthly active users in 180 countries. Founded in 2006, it reported its first annual profit in 2024, benefiting from a mix of price increases and cost-cutting efforts.

Ek will become executive chairman on Jan. 1 and has served on the board since 2008. He will focus on capital allocation and long-term strategy i

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