Tuesday, 18 December, 2018

Spotify Will Go Public On April 3

Apple Music hits 38M subscribers closes gap with Spotify Modal Trigger Getty Images
Orlando Vargas | 16 March, 2018, 10:38

The service's free platform was a major reason why Taylor Swift chose to remove her music from Spotify in 2015 (before restoring it previous year after some reported six-figure persuasion from the company).

Mr Ek said: "Since Spotify isn't selling any stock in the listing, we're really entirely focused on the long-term performance of the business". "Spotify does not have a lot of Hindi music", Raj Patel said.

Spotify executives also outlined its efforts to stay ahead of larger rivals.

The streaming giant won't actually issue any new shares or raise money in its IPO, rather its existing stakeholders - which include the music majors and Merlin, the independent digital rights agency - can offer their shares to investors, a practice known as a direct listing. Plus, it wants people to know that it doesn't need to raise more cash - it's doing just fine. Executives also said they want any investor-rather than a curated group-to have the chance to buy shares on the first day.

Spotify will begin trading on the New York Stock Exchange on April 3, just a week after the company plans to provide its most recent annual financial guidance.

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The goal of this public offering, according to Spotify, is simply to "offer liquidity for shareholders".

About 44 percent of Spotify's 159 million monthly active users (both paid and unpaid) log into the service daily and spend 49 minutes on it.

Apple are considering even including data on how much income artists are making from their streams for the future but as of yet are not featuring them.

Spotify said subscriber growth gave the company a clear path to profitability as revenue grew 39% to €4.09bn ($5.03bn, £3.61bn) in 2017 from €2.95bn ($3.63bn, £2.6bn) in 2016. But its losses more than doubled to $1.5 billion as it is hit by the cost of licensing content. "Instead of a traditional roadshow process focusing on a relatively small group of USA -based institutional investors, we are hosting an Investor Day presentation which will be streamed live and viewable around the world".

At the investor event Thursday, Spotify execs talked up its global scale, brand awareness, algorithmic music curation and tools provided for music creators to connect with fans. "Instead we are building a vibrant ecosystem of macro and micro markets around the world that is creating an opportunity for artists of every level of fame", Ek said.

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