Sean Parker, co-founder of Napster and a major Facebook investor, has suggested that Spotify will soon become more valuable in terms of revenue than iTunes.
Speaking at the annual South by Southwest (SXSW) technology conference, Parker stated that “If Spotify continues growing at its current rate in terms of subscribers and users, we will overtake iTunes in terms of the amount of revenue we contribute to the music labels in under two years.”
Parker then went on to say “Even the iTunes store, to this day, is so slow. I’m amazed.”
The internet tycoon, famously played by Justin Timberlake in the hit movie The Social Network, has invested $15 million into Spotify and is largely considered to be a worldwide authority on digital music services. Quite naturally, it seems he clearly now has domination over iTunes in his sights.
No stranger to controversy, Parker managed to change the face of the music industry with his Napster service and has created one of the fiercest disputes in the music industry over piracy, copyright and artist remuneration.