Spotify vs Substack: Founders, CEOs and History
Spotify was founded in 2006 by Daniel Ek, Martin Lorentzon and is led by Gustav Söderström and Alex Norström. Substack was founded in 2017 by Chris Best, Hamish McKenzie, Jairaj Sethi and is led by Chris Best.
Company facts
Founders
Spotify
Daniel Ek
Daniel Ek (born 1983) is a Swedish entrepreneur who co-founded Spotify in 2006 and served as its CEO until December 31, 2025. Before Spotify he built and sold the online advertising company Advertigo and briefly served as CEO of uTorrent.
Martin Lorentzon
Martin Lorentzon's contribution to Spotify was foundational in the most literal sense: he provided the initial capital, the business credibility, and the entrepreneurial experience that transformed Daniel Ek's vision from a concept into a funded, operational c…
Substack
Chris Best
Chris Best is the co-founder and CEO of Substack. Before Substack he co-founded Kik.
Hamish McKenzie
Hamish McKenzie is a Substack co-founder and serves as its Chief Writing Officer, acting as the company's main voice to the writer community and recruiting creators to the platform.
Jairaj Sethi
Jairaj Sethi is a Substack co-founder and its chief technology officer, responsible for the platform's engineering.
CEOs and their tenures
Spotify
- Daniel Ek2006–2025
Co-Founder & Chief Executive Officer
Under Ek, Spotify grew from a Swedish streaming startup into the world's largest audio subscription service, though it remained loss-making for most of his tenure because of the royalty payouts built into music licensing.
Source - Gustav Söderström2026–present
Co-Chief Executive Officer
Chief executive of Spotify Technology since 2026.
Source - Alex Norström2026–present
Co-Chief Executive Officer
Chief executive of Spotify Technology since 2026.
Source
Substack
- Chris Best2017–present
Co-Founder and Chief Executive Officer
Sets product and business strategy; led the 2025 Series C and the push into the app, Notes and video.
Source - Hamish McKenzie2017–present
Co-Founder and Chief Writing Officer
Leads writer relations and the company's public voice to creators.
Source - Jairaj Sethi2017–present
Co-Founder and Chief Technology Officer
Leads engineering of the publishing, email and payments platform.
Source
Timeline: Spotify and Substack side by side
2006Spotify
Spotify is founded
Daniel Ek and Martin Lorentzon founded Spotify in Sweden to build a legal streaming alternative to piracy.
2008Spotify
Spotify launches publicly
The service launched in Europe with a freemium model built around licensed music access.
2011Spotify
U.S. launch
Spotify entered the United States, turning the company into a direct competitor to Apple, Pandora, and later Amazon and YouTube Music.
2017Substack
Substack founded in San Francisco
Chris Best, Hamish McKenzie, and Jairaj Sethi founded Substack to build subscription publishing for writers.
2017Substack
Bill Bishop Launches Sinocism as First Substack Publication
China analyst Bill Bishop moved his Sinocism newsletter to Substack, proving that writers could earn six figures directly.
2018Spotify
Direct listing on NYSE
Spotify went public through a direct listing rather than a traditional IPO.
2019Spotify
Podcast investment accelerates
Spotify expanded into podcasts through creator tools, studios, and distribution acquisitions.
2019Substack
$15.3M Series A led by Andreessen Horowitz
a16z led a $15.3 million Series A.
2020Substack
The Great Media Exodus & COVID-19 Newsletter Boom
Prominent journalists (Matt Taibbi, Andrew Sullivan, Glenn Greenwald) left corporate media to build independent Substack empires.
2021Substack
$65M Series B at $650M Valuation Led by a16z
Valuation surged to $650 million, crossing 1 million paid subscriptions and launching Substack Pro.
2022Substack
Launches Substack Reader Mobile App and Substack Chat
Debuted dedicated consumer mobile reading app and subscriber-only chat rooms.
2023Spotify
Cost reset and pricing
Spotify cut costs and raised prices in key markets, setting up the profitability improvement that followed.
2023Substack
Launches Substack Notes & Raises $7.8M Community Crowdfund
Debuted Substack Notes to rival Twitter/X, raising $7.8M from 6,700+ community investors on Wefunder.
2024Substack
Passes 3 million paid subscriptions
Substack said in 2024 that creators had passed 3 million paid subscriptions.
2025Spotify
FY2025 revenue reaches ~$19.4B (EUR17.186B)
Spotify reported ~$19.4B (EUR17.186B) of FY2025 revenue and ~$2.5B (EUR2.212B) net income.
2025Substack
$100M Series C at $1.1B valuation
BOND and The Chernin Group led the round, with a16z, Rich Paul and Jens Grede participating.
2026Spotify
Co-CEO era begins
Alex Norstrom and Gustav Soderstrom became co-CEOs, while Daniel Ek became executive chairman.
2026Spotify
Q1 2026 reaches 761M MAUs
Spotify reported 761M MAUs, 293M Premium subscribers, and ~$5.12B (EUR4.533B) revenue in Q1 2026.
2026Spotify
Q2 2026 crosses 300M subscribers
Spotify reported 300M Premium subscribers, 777M MAUs, ~$5.4B (EUR4.777B) revenue and ~$740M (EUR655M) operating income in Q2 2026.
2026Substack
Data breach disclosed
Substack disclosed on February 5, 2026 that user emails, phone numbers and internal metadata were accessed in October 2025.
Acquisitions
Spotify
- Findaway2022$123M
- Megaphone2020$235M
- Gimlet Media and Anchor2019Undisclosed
Questions about Spotify vs Substack
Who is the CEO of Spotify Technology S.A. and Substack Inc.?
Spotify Technology S.A. is led by Gustav Söderström and Alex Norström and Substack Inc. is led by Chris Best. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Spotify Technology S.A. founded vs Substack Inc.?
Spotify Technology S.A. was founded in 2006 — 11 years before Substack Inc., which was founded in 2017. Spotify Technology S.A.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Substack Inc..
How many employees does Spotify Technology S.A. have compared to Substack Inc.?
Spotify Technology S.A. employs approximately 7,302 people. A verified employee count for Substack Inc. is not currently available.
Where are Spotify Technology S.A. and Substack Inc. headquartered?
Spotify Technology S.A. is headquartered in Sweden and Substack Inc. is headquartered in United States. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Spotify Technology S.A. and Substack Inc.?
Spotify Technology S.A. was founded by Daniel Ek, Martin Lorentzon. Substack Inc. was founded by Chris Best, Hamish McKenzie, Jairaj Sethi.
Which company has a longer operating history — Spotify Technology S.A. or Substack Inc.?
Spotify Technology S.A. has been operating for approximately 20 years, making it the more established of the two companies. Substack Inc. has been in operation for around 9 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Spotify vs Substack overview