The digital streaming business, known for its music playlists, had expanded into other categories like original video, but the company has confirmed that it’s changing its approach. Said a spokesperson, going forward “we are focusing our expanding video offerings on Rap Caviar, Rock This and other popular Spotify playlists.”
Calderone had been at the company for a little over a year, and before that was president of television network VH1. At Spotify, he commissioned 12 music-themed video shows and also worked on licensing deals with Comedy Central and ESPN.
Spotify is getting ready to go public and is considering doing something referred to as a direct listing. The company would list on the stock market without the fundraising event known as an IPO.
Unlike private investors who tend to take a long-range view, public investors scrutinize short-term growth, evaluating things every quarter. This can make it harder to take risky bets, so now would be a good time for Spotify to focus on growing its core business.
Founded in 2006 in Stockholm, Spotify now has a large presence in London and New York. The company has raised at least $2.5 billion in debt and equity financing, according to Crunchbase.