Spotify Stock Is Down 23% Since Daniel Ek Confirmed CEO Exit

Spotify stock is down about 23% since Daniel Ek announced his exit as CEO, but remains up by roughly the same amount from 2025’s beginning and by about 12% from early December 2024.

Spotify stock (NYSE: SPOT) is down nearly 23% since Daniel Ek confirmed plans to hand over the CEO reins – a falloff that’s prompting discussions about SPOT’s outlook heading into the new year.

In the leadup to Ek’s September 30th transition announcement – the 42-year-old will swap his CEO title for executive chairman in 2026 – Spotify stock was hovering around $730 per share.

However, it’d be an oversimplification to frame SPOT’s 2025 pricing journey as free of obstacles. Technically, the $730 value, besides representing a massive jump from $460 or so in January, followed a rebound from a post-Q2-earnings low of roughly $620 per share.

Stated differently, SPOT, worth $561 when trading wrapped today, is still riding high in the grand scheme of things.

But this generally positive performance might be of little consolation to some – like, for instance, investors who bought when shares were knocking on the door of $800 a pop.

For obvious reasons, these individuals are looking for indications about SPOT’s 2026 trajectory. Consequently, that the share price has slid 23% since Ek’s exit reveal, including an approximately 5% dip immediately following the disclosure, could be significant.

On one hand, we’ll have to wait until Gustav Söderström and Alex Norström have a bit of time under their belts as co-CEOs before reaching any broader leadership-pivot conclusions. On the other hand, the overall market is up slightly since September 30th, and certain analysts have specifically cited the C-suite shakeup in their SPOT breakdowns.

Furthermore, it goes without saying that separate factors are likewise impacting Spotify stock, which is up (coincidentally enough) 23% since 2025’s beginning despite Goldman’s downgrade.

At the top level, uncertainty concerning profitability, superfan monetization, post-price-increase churn, advertising results, and subs growth in established markets is worth keeping in mind.

So are the unknowns associated with AI. In theory, with high-profile licensing deals in place, Spotify’s forthcoming artificial intelligence features may unlock meaningful revenue streams.

Closer to the present, though, machine-made audio is making a splash to put it mildly, and Spotify subscribers – who are already paying more than Apple Music customers in the States, with additional Spotify price bumps reportedly on the way – aren’t hesitating to criticize the tracks’ on-platform prevalence.

Complaints aren’t necessarily indicative of cancellation plans, and the AI avalanche isn’t solely hitting Spotify. But from the company’s perspective, the pushback definitely isn’t a good thing.

Meanwhile, analysts aren’t on the same pricing page; their Spotify stock assessments remain bullish, but with a widening gap between the high and low ends. Benchmark last month predicted that SPOT would hit $860, compared to recent targets of $800 (Jefferies), $775 (Deutsche Bank), $700 (Barclays, which lowered from $750), $675 (Cantor Fitzgerald, which raised from $640), and $670 (Rosenblatt).