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Barry McCarthy Becomes Spotify’s New CFO

Barry McCarthySpotify Ltd., a music-streaming company that recently raised more than $500 million, has hired Barry McCarthy as its new chief financial officer (CFO).

According to a Spotify spokesperson, McCarthy had once served as the CFO of Netflix Inc. and had become a part of Spotify’s board of directors in 2014. Now that he has been appointed as the CFO, he will no longer be on the board.

When McCarthy left Netflix, the company stated:

Over the last few years, Barry has balanced his affection for Netflix – and the excitement all of us have felt by the tremendous growth of the company – with his personal desire for broader professional opportunities.

Barry concluded that now is the right time to seek out those opportunities, and we will be cheering for him.

Currently, competition is getting tougher for Spotify as Apple Inc. has launched its own music-streaming services on a subscription basis along with a 24/7 international online radio station. In a bid to strengthen its position, Spotify had to convince investors to invest over $1 billion in the business.

Hiring McCarthy as the CFO is part of the company’s preparations for its initial public offering (IPO). In 2002, McCarthy had successfully taken Netflix public and had served as its CFO when the company began transforming itself from a DVD business into a leading Internet video streaming business. However, Spotify has not yet made any public statements regarding an IPO.

Recently, McCarthy was the operating chief of Clinkle Corp., a startup dealing with electronic payments. He left Clinkle in March 2014 after being with the startup for five months.

Spotify is looking forward to utilizing McCarthy’s experience in Internet video streaming, which the company plans to explore in the near future. The company announced at a recent event held in New York that it plans to introduce podcasts and videos from partners such as Comedy Central, ESPN, Conde Nast, and NBC.

During the company’s recent funding round, investors said that its value was $8.53 billion, which makes it among the most valuable of private startups. This round included several international financial investors, such as Baillie Gifford and Rinkelberg Capital of Britain along with Senvest Capital and Discovery Capital Management of Canada, to mention a few.

Spotify has also gotten into a partnership with TeliaSonera AB, a Nordic telecom operator, which invested $115 million in it and stated that it would collaborate in advertising, data analytics, and media distribution.


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