Spotify CEO disappointed over Taylor Swift pulling music off popular streaming site

Spotify's Swedish CEO has voiced disappointment that Taylor Swift pulled her music off the popular music streaming service, denying claims it's making money "on the backs of artists."

Daniel Ek defended the service in a blog post Tuesday, saying he had co-founded the platform to protect artists from piracy and pay them "for their amazing work."

Swift pulled her music from Spotify last week. The decision means her songs, which were among the most streamed on Spotify, are no longer available to the service's 50 million users.

Music streaming services and file sharing have sharply cut into album sales for artists over the past couple of years. Many artists complain the fees Spotify pays to record labels and music publishers, with a portion eventually funneled to musicians, is too small.