Napster Founder: Spotify Will Overtake iTunes

Original Napster founder, Sean Parker, has commented on the future of music consumption, saying that he feels Spotify will overtake iTunes in just two years.

This statement was made at the South by Southwest Interactive (SXSW) conference in Texas - the one GeoHot was on his way to when he was arrested - where the man played by Mr Timberlake in The Social Network, also took a swipe at Apple's music download service: "Even the iTunes store, to this day, is so slow. I'm amazed."

He clarified his original statement however, saying that it was in terms of the amount of revenue contributed to music labels that Spotify would surpass iTunes if it continues on its current growth trend.

To date Mr Parker has invested $15 million of his own money into the music streaming service, much of which was made through his early financial involvement with Facebook - though this is a minor portion of his estimated $2 billion net worth. He is still perhaps most well known though for his co-development of Napster, a pioneering peer to peer file sharing service for music.

The Telegraph reports that during his SXSW talk he discussed his early years in music distribution online and how Napster's collapse and rebirth allowed him to view the industry in a different light. He half jokingly commented that one of the worst things about Napster towards the end was that its chief executive was a lawyer.

"One of our important lessons learned is that your chief executive should never be an attorney. It became like a law firm," he said.