Spotify faces global boycott over CEO's military investments

For many, going a day without music feels unthinkable because it has become a vital part of their lives.

Imagine having to power through an intense workout session without your favorite playlist, or commuting to work without the voice of your favorite podcast host to keep you company.

💵💰 Don't miss the move: Subscribe to TheStreet's free daily newsletter 💵💰

Spotify is a Swedish audio streaming service for digital music, podcasts, and video that allows users to access a wide range of content worldwide.

Since launching in 2008, it has become the most popular music streaming service, with over 678 million users and 268 million paying subscribers.

Over the last few months, major ongoing global conflicts have taken over the news, including the Russia-Ukraine war, the Israel-Palestinian crisis, the civil war in Sudan, and the Israel-Iran tensions, to name a few.

With so much chaos worldwide, music has been the only thing keeping people sane, allowing an outlet for those struggling with their emotions during these challenging times.

However, a shocking revelation has completely shattered people, putting Spotify at the center of a major controversy.

Spotify faces global boycott over its CEO's military investments.

Image source: Yamanaka/AFP via Getty Images

Spotify CEO leads a major military investment

Recently, it was discovered that Spotify's CEO, Daniel Ek, is leading an investment of around $700 million into the European defense tech startup Helsing through his venture capital firm Prima Materia.

Founded in 2021, Helsing is a German military tech firm that develops AI-based warfare systems, such as battlefield drone surveillance, cybersecurity tools, aircraft, submarines, and more.

This significant investment has prompted a global boycott of Spotify (SPOT) by many users and artists, who view this move as a conflicting action promoting war rather than world peace and unity.

“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” said Ek in a statement.

Thanks to its latest investment rounds, Helsing is valued at around $12 billion, which places it among one of Europe's most valuable tech startups.

Users and musicians unite to boycott Spotify

In response, many outraged independent musicians, including Deerhoof, Skee Mask, and Poolroom, have willingly removed their music from the platform to speak out against Ek's support for European military technology.

More Business News:

Those who oppose the CEO's recent investment, including music critic Anthony Fantano, are asking Spotify to donate to more peaceful causes, such as those that support struggling artists and the music economy.

“If you care about music as a cultural necessity…put some of that cash back into the artists, not battle tech,” Fantano posted on social media.

This move prompted users, especially in the U.S., to use their personal social media platforms to raise awareness of this topic and call for a boycott of Spotify Premium, asking users to cancel their subscriptions.