“The music industry has been waiting more than a decade for Ek,” writes Forbes.
The journal praised Ek for his work and says it believes he has invented a “sustainable revenue model” that will fight piracy because it is much more enticing to consumers.
“In the current landscape, where Google provides the search, Facebook the identity and Amazon the retail, Ek wants to supply the soundtrack,” wrote the journal.
The tribute from Forbes comes after an autumn of several backlashes for the company when hundreds of record companies removed their artists from Spotify's catalogue, while the company was being criticized for “cannibalism”, gobbling up the profits of other digital re-sellers, according to Sveriges Television (SVT).
Spotify defended itself saying that as the company continued to grow, the revenues for the artists and companies would also keep growing.
However, after six years of negotiations, Spotify is finally reached agreements with a large number of record companies and Forbes predicts a bright future ahead.
The company has recently sealed contracts with music giants like Sony, Warner, Universal and EMI to stream their songs on its ad-based model in 12 countries.
Founded in 2006 by entrepreneurs Daniel Ek and Martin Lorentzon, the music streaming platform Spotify (Spot + Identify) has over 10 million users. In July 2011, the firm launched in the US market, attracting tens of thousands of new users.