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Spotify didn't quite make sweet music with its IPO

Spotify didn't quite make sweet music with its IPO

The market is still awaiting Spotify's highly anticipated public debut as the streaming music service goes through with its unusual "direct listing".

Shares in music streaming service Spotify finished 13pc up on their first day on the NY stock exchange yesterday. "This is a large listing, and Spotify has the advantage of a huge consumer base which it can leverage into retail investors". Sweden's flag is blue and yellow.

Digital music giant Spotify is now worth more than $26bn after a better-than-expected float on the New York Stock Exchange. But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year.

Spotify's IPO made for an exciting day on Wall Street.

Spotify began as a relatively small Swedish startup music platform that people use to stream music.

He noted that Spotify has been able to hold its own, maintaining 36 per cent of the subscriber market despite the onslaught of Apple.

"Spotify's going to have to get used to market volatility and getting dragged down (or pushed up) by other companies in their general space". Trading under the symbol SPOT, the Swedish company's losses grew to 1.235 billion euros ($1.507 billion) previous year, its largest ever. The shares will simply find their own price, depending on how many buyers and sellers there are, while it could take some time for a price even to be established. This is significantly ahead of Apple, Spotify's closest competitor in the music streaming market, who itself has comparably just 36mn subscribers.




In contrast to last year's debut of social media group Snap, Spotify's top executives were not present at the NYSE to see their company go public for the first time.

Spotify's other top shareholders are co-founders Daniel Ek and Martin Lorentzon, hedge fund Tiger Global and venture capital firm TCV.

Spotify stock ended its second day of trading at $145.87 down $4.79 or 2.11%.

"Normally, companies don't pursue a direct listing". "Spotify has never been a normal kind of company".

The company said it had 71 million paid users as of December 31 and 156 million active users.

Spotify (spot) already has two revenue sources, collecting advertising sales from its free service and subscription revenue from its premium service.

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