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Spotify's chief content officer is leaving ahead of its IPO

Spotify's chief content officer is leaving ahead of its IPO

Stefan Blom is leaving his post as Spotify's chief content officer in the coming weeks, the streaming service confirms to Billboard. Spotify didn't give a reason for his exit.

The company is now being sued in a $1.6bn lawsuit by Wixen Music Publishing, which accuses Spotify of failing to pay mechanical licenses for songs on its service in the US.

One possible contender for the CCO slot is Courtney Holt. Holt joined the Disney family in 2014 when the media giant acquired Maker Studios, which he headed at the time.

Its closest competitor, Apple Music, reported 30 million subscribers in September.

The service just announced that it has reached 70 million subscribers.

Unlike Spotify, Apple Music only offers paid subscriptions. Worldwide, the app is now used by hundreds of millions of consumers, per Apple's estimate. Sources also told the publication that Spotify had been in the running for Shazam.

Last year, Spotify was valued at around $19 billion and has started 2018 with a confidential filing with a confidential filing with the U.S. Securities and Exchange Commission (SEC) for an IPO.

Bloomberg reports that Spotify wants to begin listing its shares in the first quarter of this year.

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