Spotify hit 70 million paid subscribers yesterday, but Spotify’s chief content officer, Stefan Blom, may not be one of them. The top exec announced his departure from the streaming giant via an internal memo today, as Recode first reported. His replacement has not yet been announced.
The news of Blom’s departure comes just a day after Spotify announced plans to become the first standalone music streaming company to go public, filing plans for an IPO through a direct listing. As Recode points out, Blom’s departure may give investors pause before they throw some of their cold hard cash in Spotify’s direction. After all, Blom, who has been with Spotify since 2014, was responsible for licensing deals that brought all three major music labels as well as the independent-label collective Merlin into the streaming world of Spotify. Investors will make their feelings known soon, as the direct IPO is expected sometime in the first half of 2018.