Spotify chief executive Daniel Ek has sought to distance his company from Netflix, telling investors the two are “vastly different businesses”, after the recent crash in the video streaming service’s stock price sliced Spotify’s value by a fifth.
“I think a lot of people are grouping us and Netflix together . . . despite both being media companies and primarily subscription revenue companies, that’s kind of where the similarities end for me,” Ek said on Wednesday.
“With Spotify we are a platform, Netflix is not. With Spotify we have a free service, Netflix does not . . . it’s vastly different businesses,” he added.
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