WEBVTT 00:00:28.320 --> 00:00:29.640 - Hi! - Hey! 00:00:29.720 --> 00:00:32.360 I'm Martin Lorentzon, I'm here for the Summer Talk Show. 00:00:32.440 --> 00:00:35.120 You're in the right place. Welcome! 00:00:35.200 --> 00:00:36.560 - Thanks! - I'm Felicia. 00:00:36.640 --> 00:00:37.640 Pleasure! 00:00:39.240 --> 00:00:41.240 Wow, what legends! 00:00:46.040 --> 00:00:49.640 This feels completely right, yeah. 00:00:53.400 --> 00:00:57.440 I'll be talking from back there, so you'll hear me through these. 00:00:57.520 --> 00:01:02.400 Brilliant! This feels like Kaj Kindvall. Do you remember him? 00:01:02.480 --> 00:01:04.040 - Legendary. - Yeah, sure do. 00:01:04.120 --> 00:01:07.600 My dad listened to him a lot when I was younger, I remember. 00:01:07.680 --> 00:01:10.360 - Okay. Yeah. That's cool. - Mhm. One of his favorite. 00:01:11.160 --> 00:01:13.760 By the way, did you get an email about the script? 00:01:14.480 --> 00:01:16.080 No, we'll play it by ear. 00:01:17.160 --> 00:01:18.160 Okay. 00:01:19.360 --> 00:01:21.000 - Let's go. - Let's go. 00:01:27.200 --> 00:01:28.680 Let's kick this shit out! 00:01:34.560 --> 00:01:36.600 Just wanted to raise a brief toast to the beautiful bride and groom. 00:01:36.600 --> 00:01:38.960 Some of you may know me, my name is Martin Lorentzon, 00:01:39.040 --> 00:01:41.040 I am the co-founder of Spotify. 00:01:41.120 --> 00:01:44.480 Though Daniel knows me as the guy who bankrolled his mistakes 00:01:44.560 --> 00:01:46.080 for the first five years of the company. 00:01:47.520 --> 00:01:52.520 Now, seriously, I just want to say, you did well, kid. 00:01:53.760 --> 00:01:56.000 From the day I met you, you exceeded all my expectations, 00:01:56.520 --> 00:01:59.160 you defied the naysayers and you refused to give up. 00:01:59.960 --> 00:02:03.000 I mean, look. You made it. 00:02:04.000 --> 00:02:07.120 And I just want to say I'm proud of you. 00:02:10.400 --> 00:02:12.840 I'm proud of you because this is the first thing you've done that I haven't paid for. 00:02:12.840 --> 00:02:14.640 He is a very generous and wonderful big-hearted guy. 00:02:14.720 --> 00:02:17.560 Actually, that's the word I would use to describe him, big. 00:02:18.480 --> 00:02:22.680 He's got a big heart, a big mind and, you know, 00:02:22.760 --> 00:02:26.360 I know what Sofia really likes about him is his enormous, 00:02:26.440 --> 00:02:28.680 gigantic co... 00:02:28.760 --> 00:02:32.520 Have you ever heard the word "neurotypical" in relation to your brain? 00:02:33.000 --> 00:02:36.640 It means a typical brain can determine when something is appropriate, 00:02:37.480 --> 00:02:40.840 When to be serious, and when to make jokes. 00:02:41.880 --> 00:02:45.400 Without the neurotypical, we would never have a civilized society, 00:02:45.480 --> 00:02:49.920 we would never know how to organize ourselves or have different values. 00:02:50.840 --> 00:02:54.200 But me, I don't know what that's like. 00:02:54.280 --> 00:02:58.920 Four times seven is twenty eight, five times seven, thirty five. Six times seven... 00:02:59.000 --> 00:03:03.080 It's just unacceptable. I can't have a student who disrupts the class always. 00:03:04.200 --> 00:03:07.480 I grew up in what was called the happiest generation ever. 00:03:08.080 --> 00:03:10.520 We had peace, prosperity, good schools, 00:03:10.600 --> 00:03:14.840 and everyone was supposed to behave so they can prosper. 00:03:14.920 --> 00:03:18.120 But for some reason, I could never get behind that last part. 00:03:18.240 --> 00:03:24.080 Here he is, two-time Olympic champion Ingemar Stenmark! 00:03:24.160 --> 00:03:30.480 And there he goes. He's expected to be a gold medalist the third time! 00:03:37.720 --> 00:03:40.920 He can't afford to lose, no mistakes... 00:03:43.080 --> 00:03:45.720 He's got two tenths of a second left! 00:03:49.400 --> 00:03:51.440 - Yes! - Martin! 00:03:51.520 --> 00:03:53.960 Listen. Listen to me! 00:03:55.400 --> 00:03:57.200 Martin! 00:03:57.280 --> 00:04:00.600 Vidar is here. From the Stockholm Stock Exchange. 00:04:11.040 --> 00:04:12.320 What the hell is this? 00:04:12.680 --> 00:04:16.240 You invited me here to discuss how you wanted to issue an IPO 00:04:16.320 --> 00:04:17.320 and what do I see? 00:04:17.880 --> 00:04:21.240 No, it's just... we were interviewing a new head of HR. 00:04:21.960 --> 00:04:24.360 We're a tech company, you gotta have some fun. 00:04:25.040 --> 00:04:27.400 You can't sit behind the desk all day. 00:04:28.000 --> 00:04:32.240 It is not sound. The Stockholm Stock Exchange is for serious companies. 00:04:32.320 --> 00:04:36.000 - And you're clearly not there yet. - Yes, we are sir. 00:04:36.080 --> 00:04:41.800 The thing is, Martin doesn't have a lot to do with day-to-day operations. 00:04:42.800 --> 00:04:48.920 He's just here as a consultant. He has some unique skills that our company needs. 00:04:49.840 --> 00:04:51.920 Yes, you are an odd character. 00:04:52.000 --> 00:04:55.360 You should be grateful that your partner has his feet on the ground. 00:04:55.440 --> 00:04:57.560 Exactly. Um... 00:04:58.320 --> 00:05:02.760 Why don't you go outside for a bit Martin, I'll have a talk with Vidar. 00:05:07.080 --> 00:05:09.360 My entire childhood, I always felt a little... 00:05:10.160 --> 00:05:11.280 different. I guess. 00:05:11.880 --> 00:05:16.120 All the other boys seemed so orderly and Swedish. 00:05:16.200 --> 00:05:18.520 They all marched to the same tune. 00:05:18.600 --> 00:05:21.880 But my tune was more like 17 big bands, 00:05:21.960 --> 00:05:26.800 40 DJs and a bunch of death metal, all playing at the same time. 00:05:37.560 --> 00:05:41.280 Unfortunately, no one else seemed to hear the same tune as me. 00:05:46.080 --> 00:05:51.360 But then one day this quirky kid came to the office to pitch his software. 00:06:05.760 --> 00:06:09.800 Advertigo is completely unique. When you search for a product, let's say a phone, 00:06:09.880 --> 00:06:13.560 in the same instant, the service provides you with all comparable products, 00:06:13.640 --> 00:06:17.120 specifications, prices. You have total access to the entire web. 00:06:17.200 --> 00:06:19.920 Okay but isn't that just what Google is doing with Froogle? 00:06:20.000 --> 00:06:22.560 Yes, but it's not the idea itself that's unique Martin, it's the execution. 00:06:22.600 --> 00:06:26.320 Google just does it badly. My software on the other hand, is perfect. 00:06:27.480 --> 00:06:29.760 And what happens if someone searches for three different products? 00:06:29.800 --> 00:06:32.680 Is that data cross-referenced across the three searches? 00:06:35.000 --> 00:06:37.160 Yes, Felix, that's a given. 00:06:40.040 --> 00:06:43.560 - Why are your searches slower than Google? - That's the whole point. 00:06:43.640 --> 00:06:46.880 One in 300,000 searches lead to an actual sale. 00:06:46.960 --> 00:06:49.200 The point isn't the selling itself, 00:06:49.280 --> 00:06:53.000 but how much advertising we can sell while people are searching. 00:06:55.120 --> 00:06:59.560 Other entrepreneurs chase after new ideas relentlessly, 00:06:59.640 --> 00:07:03.120 but for me, there's only one factor in making a business work. 00:07:04.120 --> 00:07:05.400 Personality. 00:07:06.360 --> 00:07:08.720 If you found a piece of coal that has the potential 00:07:08.800 --> 00:07:10.120 to become a diamond... 00:07:10.720 --> 00:07:11.960 Daniel? 00:07:12.040 --> 00:07:15.240 ... you have to go all in. There is no middle ground. 00:07:15.880 --> 00:07:17.200 Stop here. 00:07:33.320 --> 00:07:34.960 - Hey, Martin! - Hi Daniel. 00:07:35.040 --> 00:07:36.040 - How are you doing? - Doing alright. 00:07:36.080 --> 00:07:37.080 Okay. 00:07:37.120 --> 00:07:39.640 So we buy you out and you buy a Ferrari? 00:07:39.720 --> 00:07:41.280 Yeah, it's nice, isn't it? 00:07:41.360 --> 00:07:42.880 - It's red. - Yeah, it's damn fast. 00:07:42.960 --> 00:07:46.280 - And it draws a lot of attention. - Yes, it does. 00:07:49.720 --> 00:07:50.880 Come! 00:07:52.840 --> 00:07:54.720 - Where are we going? - I want to show you something. 00:07:54.760 --> 00:07:56.880 Okay but it's a Ferrari, I can't leave the car. 00:07:57.280 --> 00:08:01.200 The whole of Sweden is watching that thing. It's fine. 00:08:02.920 --> 00:08:06.200 - What's going on? - We're gonna start a company. 00:08:08.360 --> 00:08:09.920 Okay, why are we doing that? 00:08:09.960 --> 00:08:15.200 We're gonna show them, Daniel. We're gonna show them how * wrong they are. 00:08:20.080 --> 00:08:21.240 Alright. 00:08:24.600 --> 00:08:26.080 Martin, you're kidding. That's not a strategy, that's a bad idea. 00:08:26.160 --> 00:08:28.560 - Didn't we say we'd show those bastards? - Yeah, yes we did. 00:08:29.960 --> 00:08:32.640 So, come up with a good idea and I'll take care of the strategy. 00:08:32.720 --> 00:08:35.920 I don't have a good idea, I didn't know we'd be working together two minutes ago. 00:08:36.360 --> 00:08:37.280 You said something interesting about advertising the other day. 00:08:37.280 --> 00:08:38.560 What can we do to create behavioral patterns for people exposed to ads. 00:08:38.640 --> 00:08:41.360 Well, I suppose you could... 00:08:41.440 --> 00:08:43.000 go bigger maybe. I guess... 00:08:43.080 --> 00:08:44.200 Search engines maybe... 00:08:45.760 --> 00:08:46.680 That's a lot of money. 00:08:46.760 --> 00:08:48.040 Yup, a lot of money. Absolutely. 00:08:48.080 --> 00:08:51.200 Think of something else that's not dominated by a brand. 00:08:51.280 --> 00:08:54.000 We need to create something global. 00:08:54.080 --> 00:08:57.680 We need to think beyond little gray socialist Sweden. 00:08:57.760 --> 00:08:59.080 Place your bets, please. 00:08:59.720 --> 00:09:03.440 * the welfare state! Let's go! Think of something new. 00:09:03.480 --> 00:09:04.360 Film and TV. 00:09:04.440 --> 00:09:06.720 Too expensive. Needs too much bandwidth. 00:09:06.800 --> 00:09:07.800 Try something else. 00:09:10.160 --> 00:09:13.800 Okay, if not movies, then something that works well with advertising, 00:09:13.880 --> 00:09:17.040 international, easy to consume... Music. 00:09:18.560 --> 00:09:19.880 Place your bets, please. 00:09:24.400 --> 00:09:26.120 Ouch, well *! 00:09:27.760 --> 00:09:31.120 Why music, Daniel? Come on, why music, Daniel? 00:09:31.200 --> 00:09:34.360 Okay, because it's already big online. Alright? It needs to be done better. 00:09:34.440 --> 00:09:37.040 No, but why do they need us? What's not working as it is? 00:09:37.120 --> 00:09:40.240 Music is not a luxury. It's something we all need, 00:09:40.320 --> 00:09:44.600 something like water or food. Someone needs to do better than that pirate site. 00:09:45.400 --> 00:09:51.200 You know, whoever succeeds in that creates something really * beautiful. 00:09:55.240 --> 00:09:56.840 No * way! 00:10:00.040 --> 00:10:02.640 Okay so, really, all of that took place in about six months 00:10:02.680 --> 00:10:04.760 and most of it happened at Daniel's apartment. 00:10:08.600 --> 00:10:10.320 But the point is, we clicked. 00:10:16.360 --> 00:10:18.920 This is exciting and all, but... 00:10:20.320 --> 00:10:22.200 I don't know if I can work with you. 00:10:22.280 --> 00:10:23.760 And why not? 00:10:25.000 --> 00:10:28.840 To be perfectly honest, I know what it's like to bring in other people. 00:10:28.920 --> 00:10:31.520 You say you want to go all in, but I know what's gonna happen. 00:10:31.600 --> 00:10:34.960 You'll think I'm being a pain because I'm pushing too hard on something. 00:10:35.040 --> 00:10:37.560 Especially on something I wanna build. You'll say it's impossible and everything 00:10:37.600 --> 00:10:39.040 is too expensive. That's how it is. 00:10:39.080 --> 00:10:41.160 No one really dares to go on. 00:10:41.240 --> 00:10:44.520 Strange then that I just dared to deposit 12 million into your account. 00:10:45.800 --> 00:10:47.120 Okay. 00:10:47.200 --> 00:10:50.720 It's true. Think of it as starting capital. 00:10:50.800 --> 00:10:52.960 You put 12 million into my account? 00:10:54.360 --> 00:10:55.360 No strings. 00:10:56.720 --> 00:10:58.360 - Do what you want with it. - Are you serious? 00:10:58.400 --> 00:11:01.680 Yes! *! Can't you see I want you to be difficult? 00:11:02.360 --> 00:11:05.600 I want you to say "* you!" to the extreme socialists. 00:11:05.680 --> 00:11:08.720 And create something so * perfect that everyone wants it. 00:11:10.640 --> 00:11:11.680 You really are crazy? 00:11:13.720 --> 00:11:17.120 You understand that there's no guarantee if I take this money... 00:11:17.200 --> 00:11:18.600 I believe in you, Daniel! 00:11:18.680 --> 00:11:20.280 In us. 00:11:20.360 --> 00:11:24.680 I'm willing to give you anything you want, but you give me one thing in return. 00:11:26.000 --> 00:11:27.000 What? 00:11:28.520 --> 00:11:30.440 We have to trust each other. 00:11:34.480 --> 00:11:36.520 - Okay, let's do it. Yeah. - Okay? 00:11:39.600 --> 00:11:42.040 In marriage, you want somebody who's like you. 00:11:42.120 --> 00:11:46.280 Same tastes, habits, sense of humor. In business, it's the opposite. 00:11:46.920 --> 00:11:49.280 You want a creative if you're the money guy, 00:11:49.360 --> 00:11:52.120 someone to take care of tech while you're taking care of finance. 00:11:52.200 --> 00:11:57.200 But the recipe for success is the same in both cases, trust. 00:11:57.280 --> 00:12:00.520 You need to show confidence in your partner from day one. 00:12:00.600 --> 00:12:04.560 You have to trust them when they are on top and when they are at the bottom. 00:12:05.440 --> 00:12:08.120 You have to believe in them, even when they get pissed at you. 00:12:08.720 --> 00:12:12.600 And you also have to trust them when you give them more money than 00:12:12.680 --> 00:12:14.760 they could ever dream of. 00:12:15.880 --> 00:12:20.520 You have to have faith, even if everyone else says you're crazy for it. 00:12:20.600 --> 00:12:23.480 And in return, they have to do the same. 00:12:24.600 --> 00:12:27.400 My job was get the money. 00:12:28.520 --> 00:12:30.600 Wow! You're in shape, I see. 00:12:30.680 --> 00:12:32.880 This training program you are on, keep it up because 00:12:32.960 --> 00:12:34.760 it's working. 00:12:35.880 --> 00:12:40.000 You're going to meet my colleague. This guy is really smart, Niklas. 00:12:40.080 --> 00:12:41.520 A real visionary. 00:12:41.600 --> 00:12:43.280 Hey Martin, wait a minute... 00:12:44.320 --> 00:12:46.640 It's just... wait, don't get me wrong, because I... 00:12:46.720 --> 00:12:52.080 I'm really happy and flattered but I don't know a thing about the music industry. 00:12:52.160 --> 00:12:55.800 So? How different can music and cars be you know? 00:12:57.200 --> 00:13:01.200 I want you on the team because you're a dangerous negotiator. 00:13:01.280 --> 00:13:05.000 And it's impossible not to like you my friend. 00:13:07.360 --> 00:13:09.840 Above all, I trust you. 00:13:09.920 --> 00:13:11.200 Bullshit! 00:13:12.160 --> 00:13:14.040 - Daniel, Niklas. Niklas, Daniel. - How's it going? Daniel. Nice to meet you. 00:13:14.080 --> 00:13:15.200 Good to meet you. 00:13:15.280 --> 00:13:19.800 This is the guy in Detroit who makes US car execs eat out of his hand. 00:13:19.880 --> 00:13:24.200 - A wolf in sheep's clothing. - Okay, calm down. Don't overdo it. 00:13:24.960 --> 00:13:28.880 There is one thing I am a little worried about. 00:13:28.960 --> 00:13:30.640 And that's... 00:13:31.800 --> 00:13:33.520 Well, the whole idea actually. 00:13:35.200 --> 00:13:39.760 Could you please explain how the hell we are supposed to make a profit from this? 00:13:41.400 --> 00:13:44.120 Well, our investors aren't interested in profit. 00:13:46.120 --> 00:13:47.360 What? 00:13:49.360 --> 00:13:50.960 Look at that old man over there. 00:13:52.800 --> 00:13:58.360 He comes here probably orders the same soup and cake with his coffee every day. 00:13:59.320 --> 00:14:05.400 How excited do you think the restaurant manager is about the profit from his meal? 00:14:06.240 --> 00:14:11.320 And then we come here and we sit down, and right away we make an impression. 00:14:11.400 --> 00:14:15.400 Excuse me! Sweetheart! I'm really hungry today, can I... 00:14:15.480 --> 00:14:18.520 I'm sorry, do you mind if I just... 00:14:18.640 --> 00:14:20.920 We don't just want a little piece, 00:14:21.000 --> 00:14:24.120 we want this right here, the whole cake. 00:14:24.200 --> 00:14:27.680 To be honest, I want this cake as well, it looks amazing. 00:14:27.720 --> 00:14:32.920 I don't just want cake, I want this pastry because why the hell not? How about that? 00:14:33.000 --> 00:14:38.480 And how about some macaroons and apple strudel and look at these? 00:14:38.560 --> 00:14:43.840 Look at these cupcakes, I want 'em! You should try one, Niklas. 00:14:43.880 --> 00:14:48.120 who do you think the restaurant manager is most focused on? 00:14:48.200 --> 00:14:50.120 Us or the old man? 00:14:50.200 --> 00:14:54.000 Yes, absolutely, but sooner or later the bills will come. 00:14:54.080 --> 00:14:55.400 No. 00:14:55.480 --> 00:14:59.960 Don't even mention the bill yet, Niklas. Before that, I'll order all the starters 00:15:00.040 --> 00:15:03.600 and then all the main courses as well, and when I've done that... 00:15:03.680 --> 00:15:05.360 - Are you following? - Yes. 00:15:06.000 --> 00:15:09.800 Then I will start over from scratch and order all the desserts again. 00:15:09.880 --> 00:15:12.000 Yeah, but Martin... 00:15:12.080 --> 00:15:16.080 No matter how much you put it off, sooner or later, you have to recognise 00:15:16.160 --> 00:15:21.000 - that the bill will be due, right? - But then we'll be in a different place. 00:15:22.800 --> 00:15:27.080 Then, we'll have shareholders. Thousands of shareholders who know that 00:15:27.160 --> 00:15:29.440 if they want to have some dessert, 00:15:30.160 --> 00:15:33.000 they have to come... to our table. 00:15:33.680 --> 00:15:37.400 Because we have all the restaurant's desserts here with us. 00:15:41.320 --> 00:15:44.400 And they're the ones who will pay the bill. 00:15:46.200 --> 00:15:48.520 Growth. 00:15:51.000 --> 00:15:53.120 Who wants cake? 00:16:00.200 --> 00:16:03.360 You can start a business, build it from the ground up, 00:16:03.440 --> 00:16:05.080 put your whole soul into it, 00:16:06.960 --> 00:16:08.680 Was I really sure about that? 00:16:11.800 --> 00:16:16.320 Of course I wasn't. But I knew Daniel would deliver on the tech. 00:16:16.400 --> 00:16:19.280 And so, all I had to do was deliver too. 00:16:20.200 --> 00:16:23.600 We are very interested. 00:16:23.680 --> 00:16:27.600 But since the music sector is still uncertain right now, we feel that 00:16:28.520 --> 00:16:32.160 a more wait-and-see approach suits us better. 00:16:32.240 --> 00:16:35.240 Alright. I fully understand that you want to be cautious, 00:16:35.320 --> 00:16:38.600 but this technology that Daniel has created is revolutionary. 00:16:38.680 --> 00:16:41.440 You really don't want to miss this opportunity, Esther. 00:16:41.520 --> 00:16:45.200 It's an astonishing product, Martin. But we'll wait and see. 00:16:47.280 --> 00:16:48.720 For at least six months. 00:16:50.920 --> 00:16:55.040 I never falter in the facs of money. But I knew I was in trouble. 00:16:55.120 --> 00:16:59.280 Even if she wanted to go in later, we didn't have six months. 00:16:59.360 --> 00:17:03.320 I was stopped from selling any more shares so if no one dared go in now, 00:17:03.400 --> 00:17:05.640 within two weeks, we'd be broke. 00:17:05.720 --> 00:17:10.800 Fortunately, I knew that rich capitalists are like children in a sandbox. 00:17:10.880 --> 00:17:14.520 No one really wants anything until they think someone else wants it. 00:17:14.600 --> 00:17:16.840 So, this isn't about golf, is it? 00:17:17.840 --> 00:17:20.200 You just wanna pitch that Spotify idea again. 00:17:20.280 --> 00:17:22.040 No. 00:17:22.120 --> 00:17:25.960 As it happens, my co-founder Daniel, he met with some young investors 00:17:26.040 --> 00:17:28.560 who were very happy to come in. 00:17:29.200 --> 00:17:30.800 - Who's that? - Come on, Anton. 00:17:30.880 --> 00:17:33.560 You know I can't divulge. Don't worry. 00:17:33.640 --> 00:17:36.040 I might let you in for the second round. 00:17:37.800 --> 00:17:38.800 Damn! 00:17:39.560 --> 00:17:43.000 So Martin, who's this mysterious investor of yours? 00:17:46.560 --> 00:17:47.560 Come on, Martin! 00:17:50.280 --> 00:17:51.480 Anton from Arctic. 00:17:51.560 --> 00:17:53.040 - Are you serious? - Yep. 00:17:54.320 --> 00:17:55.240 Martin, come on. 00:17:55.280 --> 00:17:57.560 Well, if I tell you, you didn't hear it from me. 00:17:57.640 --> 00:17:58.840 Of course not. 00:18:00.480 --> 00:18:01.560 Esther Ren. 00:18:05.040 --> 00:18:06.960 Okay and what kind of deal did you get from Artic? 00:18:07.000 --> 00:18:10.840 You know better than that Esther. I can't tell you that information. 00:18:10.920 --> 00:18:13.320 Only ballpark figures. How much? 00:18:14.080 --> 00:18:15.800 I'm not asking you to give me the precise amount. 00:18:15.840 --> 00:18:19.160 All I can tell you is whoever backs us before 00:18:19.240 --> 00:18:22.120 we get the rights, is going to make the real money. 00:18:26.520 --> 00:18:29.440 So in theory, and this is purely hypothetical, 00:18:29.520 --> 00:18:33.480 how does the offer look like for investors entering at this early stage? 00:18:33.960 --> 00:18:35.640 Five percent of Spotify for ten million dollars. 00:18:35.880 --> 00:18:38.000 I'm sorry Anton, but that moment has passed. 00:18:38.040 --> 00:18:39.760 You know how it is. 00:18:39.840 --> 00:18:43.160 But if you wanna come in, not saying that you do, but if you did, 00:18:43.240 --> 00:18:47.120 it would now be for eight and half percent at 20 million. 00:18:51.040 --> 00:18:54.560 12.75% for 30 million. 00:18:58.160 --> 00:19:01.120 The best split I can offer you now is 40% for 40 million. 00:19:02.760 --> 00:19:04.520 Okay, final offer. 00:19:04.600 --> 00:19:06.040 20% for 60 million. 00:19:06.120 --> 00:19:07.440 20% for 60 million. 00:19:08.040 --> 00:19:09.920 - Dollars? - Yes. 00:19:10.000 --> 00:19:14.520 Spotify can accept both Serendipity and Arctic as investors, 00:19:14.600 --> 00:19:17.080 if you are willing to split it. 00:19:25.200 --> 00:19:26.800 - Okay. - I'm in. 00:19:31.880 --> 00:19:35.600 In that moment I realized that I had made a mistake. 00:19:36.600 --> 00:19:39.800 I thought all along that I was driving the price up, 00:19:39.880 --> 00:19:43.520 but suddenly I realized that they had been prepared to pay much more. 00:19:44.440 --> 00:19:46.320 I had undervalued Spotify. 00:19:47.200 --> 00:19:51.160 And the opportunity to set the valuation would never come back. 00:19:51.240 --> 00:19:52.400 You did what? 00:19:52.480 --> 00:19:54.720 I changed the currency. 00:19:54.800 --> 00:19:57.320 At the last second, I changed from dollars to euros. 00:19:57.400 --> 00:19:58.720 Are you out of your goddamn mind? 00:19:58.760 --> 00:20:02.400 It's more money. The same figure, but euros are worth 20% more. 00:20:02.480 --> 00:20:06.440 - Who the hell would agree to that? - Trust me, Daniel. Learn to trust me. 00:20:06.520 --> 00:20:08.760 Why did you have to do this at the last second? 00:20:08.840 --> 00:20:12.320 Because it has to be on our terms, we have to show confidence. 00:20:12.400 --> 00:20:14.640 Jesus, Martin, we're running on steam. 00:20:14.720 --> 00:20:17.840 In two and a half weeks, we won't be able to pay wages. 00:20:17.920 --> 00:20:20.160 It will be fine. Trust me on that. 00:20:20.240 --> 00:20:23.440 And how do you know that? What do we do if they just say no? Have you considered 00:20:23.480 --> 00:20:27.000 that? What if they laugh in your face for trying something so idiotic? 00:20:27.080 --> 00:20:31.040 If they call before six, it's a no. If they call after, it's a yes. 00:20:31.640 --> 00:20:33.360 - What? - A no is simple. 00:20:33.960 --> 00:20:36.880 I left an hour ago, a no comes within an hour. 00:20:36.960 --> 00:20:38.960 A yes requires a little more time. 00:20:39.040 --> 00:20:42.480 A bit of marinating and that sort of thing. 00:20:42.560 --> 00:20:45.240 - It takes a bit more *. - *? Really? 00:20:45.320 --> 00:20:49.480 Really. I've done this before. Now it's after six. 00:20:49.560 --> 00:20:51.720 What am I gonna tell everyone? 00:20:52.440 --> 00:20:55.040 So we had a deal but your * got in the way?! 00:20:55.120 --> 00:20:58.520 It'll be fine, 100%. 100%. 00:21:01.040 --> 00:21:02.720 * this shit, Martin. 00:21:03.840 --> 00:21:05.760 We needed this deal. 00:21:10.360 --> 00:21:13.280 Hello? Hey, Anton. Yes. 00:21:13.360 --> 00:21:16.320 Well yes. Have you had a chance to look at my proposition? 00:21:16.400 --> 00:21:20.560 Well, all we want to know is, are you on board with Spotify or not? 00:21:21.560 --> 00:21:22.800 Yes or no? 00:21:26.680 --> 00:21:29.080 Jesus, *, we're... 00:21:47.440 --> 00:21:50.680 You * did it! 00:21:57.240 --> 00:21:58.840 You crazy bastard! 00:21:58.920 --> 00:21:59.960 Euro! 00:22:00.040 --> 00:22:03.480 It's called the madman trick. When you have nothing, 00:22:03.560 --> 00:22:06.280 the only thing you can do is try to make your counterpart believe that 00:22:06.320 --> 00:22:09.120 you are ready to leave the table at any time. 00:22:10.400 --> 00:22:13.440 As so we launched Spotify in fall of 2008. 00:22:13.520 --> 00:22:15.600 And we were finally on our way. 00:22:19.400 --> 00:22:20.440 Hello? 00:22:21.760 --> 00:22:22.800 are you okay? 00:22:25.040 --> 00:22:27.560 Yeah. All good here. 00:22:38.840 --> 00:22:40.200 Am I boring you or what? 00:22:40.280 --> 00:22:42.080 Absolutely not. 00:22:42.160 --> 00:22:45.440 I'm here sharing my life story with the whole of Sweden. 00:22:45.520 --> 00:22:50.560 You're telling the Hollywood version where nothing bad happens and no one fails. 00:22:50.640 --> 00:22:55.120 This Summer Radio Talk isn't just about what you've accomplished in life. 00:22:55.200 --> 00:22:58.080 It's also about insights and self-development. 00:22:58.160 --> 00:23:01.720 And what I, what we, the Swedish people want to hear 00:23:01.800 --> 00:23:04.680 is how this journey has impacted you and changed you. 00:23:05.600 --> 00:23:11.000 How can your story inspire other people who choose to listen to you? 00:23:11.080 --> 00:23:13.120 That's what I want to hear. 00:23:13.200 --> 00:23:15.680 Okay. Let me just continue my timeline, okay? 00:23:18.920 --> 00:23:24.400 If I put it this way, Spotify's 2008 valuation was $250 million. 00:23:25.280 --> 00:23:28.600 In 2009, the valuation, $300 million. 00:23:28.680 --> 00:23:33.960 In 2010, a billion dollars. 2012, two billion dollars. 00:23:34.040 --> 00:23:35.800 Yeah well, that's crazy money. 00:23:35.880 --> 00:23:41.400 So how exactly can a startup like yours be worth so much money in such a short time? 00:23:41.480 --> 00:23:43.680 Because the market says so! 00:23:43.760 --> 00:23:46.240 - But how? - The laws of nature no longer apply. 00:23:47.320 --> 00:23:51.640 When your valuation exceeds a billion dollars, you're a unicorn. 00:23:52.360 --> 00:23:55.360 And then all the heavy hitters want to get on board. 00:23:55.440 --> 00:23:59.200 Okay, but what's the point of all this? 00:23:59.920 --> 00:24:00.920 Yeah. 00:24:02.640 --> 00:24:06.560 I met with Peter Thiel, founder of PayPal. 00:24:06.640 --> 00:24:10.120 But also the guy who first went in and invested in Facebook. 00:24:10.880 --> 00:24:15.360 It was in that meeting that it became clear to me. 00:24:16.560 --> 00:24:17.560 What do you mean? 00:24:19.640 --> 00:24:20.960 I figured it out. 00:24:27.040 --> 00:24:32.680 Wow, look at it! This looks exactly like a running track, you know? 00:24:32.760 --> 00:24:37.280 Me and my family, we are athletes and I used to run a lot with my siblings. 00:24:37.360 --> 00:24:41.280 I'm gonna keep this in the office, this is cool! Wow! 00:24:42.120 --> 00:24:43.680 Mr. Lorentzon. 00:24:44.320 --> 00:24:48.000 Peter! I love your approach. 00:24:48.080 --> 00:24:49.640 No furniture? 00:24:49.680 --> 00:24:52.520 But I think I'm gonna have to steal this. I love it. 00:24:52.640 --> 00:24:53.800 Pardon. 00:24:53.880 --> 00:24:58.520 I liked your pitch, but have you ever thought you might have a condition? 00:24:59.360 --> 00:25:01.520 - What? - ADHD, maybe. 00:25:01.600 --> 00:25:03.560 Something everyone thinks is a shtick, 00:25:03.640 --> 00:25:06.400 but it's almost certainly in your role. 00:25:06.680 --> 00:25:08.440 - What is he talking about? - Don't worry, you're in good company. 00:25:08.520 --> 00:25:12.920 The average rate of neuro diversity in the wider population is about five percent. 00:25:13.000 --> 00:25:16.000 The tech industry, it's about 30%. 00:25:18.520 --> 00:25:21.920 I'm sorry, I am aware how I come across. 00:25:22.000 --> 00:25:25.040 I'm on the spectrum myself, or so I've discovered. 00:25:25.120 --> 00:25:26.640 You are? 00:25:26.720 --> 00:25:31.120 I think society is both something that is very real and very powerful. 00:25:31.720 --> 00:25:34.160 But on the whole, quite problematic. You agree? 00:25:34.960 --> 00:25:35.960 Yes. 00:25:36.040 --> 00:25:39.920 I only point out that many of the successful entrepreneurs seem to 00:25:40.000 --> 00:25:42.600 be suffering from a mild form of condition. 00:25:42.680 --> 00:25:46.880 Asperger's, ADHD... Where it's like... 00:25:47.520 --> 00:25:51.560 you're missing the imitation socialization gene. 00:25:52.920 --> 00:25:56.880 It happens to be a plus for innovation and creating great companies. 00:25:59.000 --> 00:26:03.480 We'll get our people to send over the paperwork, but... we're in. 00:26:15.480 --> 00:26:17.600 And one day, someone points out that 00:26:17.680 --> 00:26:22.080 everything you've done has been balanced on a tightrope. 00:26:24.320 --> 00:26:28.200 All this time I just thought that I was different, I was a bit more energetic. 00:26:29.840 --> 00:26:32.120 Not that I had a condition. 00:26:34.520 --> 00:26:37.640 But you know how Americans are, they give out a diagnosis everything. 00:26:37.720 --> 00:26:42.440 I know, but, it's like I don't know where I end and where the condition begins. 00:26:43.160 --> 00:26:46.880 Martin. You are you. 00:26:47.720 --> 00:26:49.120 Don't change that. 00:26:50.160 --> 00:26:51.960 - I shouldn't? - No. 00:26:53.280 --> 00:26:55.680 - You sure? - Of course! 00:26:55.760 --> 00:27:01.240 Yeah, well, something's gotta... Now that I know about this diagnosis and all, I... 00:27:01.320 --> 00:27:03.080 - I have to change so that... - No... 00:27:04.160 --> 00:27:05.160 We have a problem. A big * problem. 00:27:07.600 --> 00:27:11.320 - She's just looking for attention. - You think she needs more attention? 00:27:11.720 --> 00:27:14.160 And what do we do if everyone does what she does? 00:27:14.240 --> 00:27:16.880 - TAYLOR SWIFT HARD ON SPOTIFY - What if the artists follow? 00:27:17.040 --> 00:27:20.440 They won't. Come on, Taylor Swift! 00:27:20.520 --> 00:27:22.280 Honestly, ignore her, it's just bullshit. 00:27:22.360 --> 00:27:26.000 Is it just bullshit? She's the biggest artist in the world. 00:27:27.720 --> 00:27:29.320 It wasn't bullshit. 00:27:29.560 --> 00:27:33.760 It was a war zone, and we never knew where the next bomb would hit. 00:27:34.400 --> 00:27:37.600 But I didn't see it coming from my friend, Daniel. 00:27:37.680 --> 00:27:40.240 She's boycotting Spotify and going Apple. 00:27:40.360 --> 00:27:43.080 You know not having her is costing us $500,000 a month. 00:27:43.160 --> 00:27:45.680 Yeah, but we're still growing faster than anyone else. 00:27:45.720 --> 00:27:50.240 We're entering more markets than Apple. She'll be back soon. 00:27:51.120 --> 00:27:53.040 TAYLOR SWIFT LEAVES SPOTIFY 00:27:53.640 --> 00:27:55.400 We can't give in now. 00:27:55.480 --> 00:27:59.280 If we give an artist like that special treatment, every artist will want it. 00:27:59.400 --> 00:28:00.840 We can't back down now. 00:28:01.200 --> 00:28:04.880 But if we don't react now, it looks like we don't care. We come across as arrogant. 00:28:04.960 --> 00:28:08.960 - That's what we've being accused of. - Yeah, right! We're just one step ahead. 00:28:09.040 --> 00:28:12.120 Daniel, I promise, if we just stay quiet, 00:28:12.200 --> 00:28:14.200 all these artistes one by one, will give in. 00:28:14.520 --> 00:28:15.520 This is Daniel. 00:28:17.880 --> 00:28:21.160 Yes, I understand. Of course, no problem. 00:28:21.760 --> 00:28:24.680 That was one of our investors. 00:28:25.800 --> 00:28:29.840 He was damn clear we should be doing everything to get Taylor Swift back. 00:28:34.680 --> 00:28:35.560 - You too. Martin! - Hi, Stanley. How are you? 00:28:35.640 --> 00:28:40.760 I just want to say thanks for coming. I appreciate it and hope we can discuss 00:28:40.840 --> 00:28:43.320 this amicably and come to a solution. 00:28:43.400 --> 00:28:44.400 Absolutely. 00:28:45.200 --> 00:28:46.200 Please! 00:28:48.080 --> 00:28:51.960 Just to be clear, we are not offering your client special terms. 00:28:52.040 --> 00:28:53.760 That's never going to happen. 00:28:56.840 --> 00:28:59.400 We're talking about Taylor Swift. 00:28:59.480 --> 00:29:03.000 Well, we treat all artistes on Spotify exactly the same. 00:29:03.080 --> 00:29:06.240 Martin, I don't know if this is the right time to play the madman card. 00:29:06.320 --> 00:29:07.320 Sorry. 00:29:08.000 --> 00:29:11.160 Right now, Taylor is out-streaming her nearest competitor two to one. 00:29:11.240 --> 00:29:15.000 She was responsible for one in twenty streams on your site. What, um... 00:29:15.800 --> 00:29:18.560 - Just gonna walk away from that? - If we have to, yes. 00:29:22.080 --> 00:29:25.840 Guys, come on. It's not 2006. 00:29:25.920 --> 00:29:29.520 You're not the young punks scaring the hell out of us anymore, this is 2014. 00:29:30.120 --> 00:29:33.600 We know Taylor drives traffic to your site and we just want our share. 00:29:33.680 --> 00:29:34.800 You want your share? 00:29:36.160 --> 00:29:38.720 Let me show you what your share would look like, 00:29:38.800 --> 00:29:43.160 if Spotify dies and piracy takes over again. 00:29:48.600 --> 00:29:52.640 Are you * serious? Is this guy for real? 00:29:53.560 --> 00:29:55.680 You trying to be * funny here? 00:29:55.760 --> 00:30:00.040 If I wanted to be funny I'd offer to beat you in a dance-off or arm-wrestling. 00:30:00.120 --> 00:30:01.760 In fact, we can do that anyway. 00:30:01.840 --> 00:30:05.280 because that's how much difference this will make to reality. 00:30:05.360 --> 00:30:07.000 What the *? 00:30:07.680 --> 00:30:11.520 I invited you guys here because I wanted to talk to grown-ups, alright? 00:30:11.600 --> 00:30:15.440 And you're showing me comedy graphs and offering to arm wrestle me. 00:30:15.520 --> 00:30:16.880 The game has changed. 00:30:16.960 --> 00:30:20.880 Okay. Yeah. Well, we're done here, alright? 00:30:20.880 --> 00:30:22.600 - This is outrageous. You know... - Uhm... 00:30:22.600 --> 00:30:25.280 I read from people that you were serious. 00:30:25.360 --> 00:30:29.360 I heard you understood our world, is this how you think you do business? 00:30:29.440 --> 00:30:32.920 You think you're gonna survive like this? You think this is how you win our trust? 00:30:33.680 --> 00:30:37.880 You think it's gonna be funny when you have the best tech in the world 00:30:37.960 --> 00:30:40.680 and every major artiste is taking themselves off your player? 00:30:40.760 --> 00:30:41.200 No we don't. Listen, Stanley, I think... 00:30:41.200 --> 00:30:41.960 Martin has a very unique voice and right now 00:30:42.040 --> 00:30:44.200 he's speaking for himself, not the company. 00:30:44.280 --> 00:30:47.000 - Daniel, we agreed. - It's better you and I handle this alone. 00:30:47.080 --> 00:30:50.040 - Daniel! - Martin! I'll handle this myself. 00:30:50.120 --> 00:30:52.720 Let's go inside. Please. Sorry about that. 00:30:58.960 --> 00:31:02.320 And I've always wanted to be someone who's completely 00:31:02.400 --> 00:31:05.680 genuine and free from all the rules. 00:31:17.720 --> 00:31:18.720 - Hey! - Hey! 00:31:18.800 --> 00:31:20.240 Thanks for telling them how big my * is. 00:31:20.280 --> 00:31:21.320 Yeah 00:31:21.920 --> 00:31:23.640 What else are old friends for? 00:31:26.000 --> 00:31:28.840 - Nice party. - Yeah, sure. 00:31:31.280 --> 00:31:32.480 Hey... 00:31:35.040 --> 00:31:37.960 There's a lot of talk about this IPO. 00:31:38.720 --> 00:31:41.960 You know a lot of guests here, they've been through this before. 00:31:42.360 --> 00:31:45.960 - They've told me how strict the NASDAQ is. - Okay Daniel, I get it. 00:31:47.680 --> 00:31:52.160 You think the introduction will go faster if I step down as chairman first? 00:32:06.760 --> 00:32:09.920 Well, we've had a lovely journey, haven't we, you and I?