Spotify has solid list debut

Financial-Markets-Wall-Street-Spotify-IPO

The New York Stock Exchange celebrated Spotify's stock market debut Tuesday with the wrong flag.

The streaming music industry has given a boost to Sony's music business, whose artists include Beyoncé, DJ Khaled and Justin Timberlake.

He noted that Spotify has been able to hold its own, maintaining 36 percent of the subscriber market despite the onslaught of Apple. However, reports suggest that Apple Music isn't far behind Spotify in the USA and is expected to surpass 36 million paid subscribers globally by the summer.

Spotify began as a relatively small Swedish startup music platform that people use to stream music. "Normally, companies don't pursue a direct listing", Daniel EK, the founder and CEO of Spotify, wrote in a blog post.

And Spotify is taking things one step further with a very unorthodox approach to floating on the stock market.

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Trading as SPOT, Spotify took the unorthodox step of listing existing shares directly on the bourse rather than issuing new stock, allowing its founders and early investors to maintain control.

It was a 26 percent increase from the reference price set by the New York Stock Exchange on Monday at $132 a share. It follows the Trump administration's plans to slap steep tariffs on $50 billion worth of Chinese imports.

Spotify Technology SA shares surged following the largest-ever direct listing on Tuesday, giving the world's leading streaming music service a market value of almost $30 billion.

The direct listing by Spotify was the largest on record, with Spotify now having a higher market value than Snap Inc. But Spotify is based in Stockholm, Sweden, not Switzerland.

He expected more companies to follow Spotify's strategy in the future, taking their time to list on the market.

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"So while [Tuesday] puts us on a bigger stage, it doesn't change who we are, what we are about, or how we operate".

"Our focus isn't on the initial splash", he added.

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

Spotify's early lead in music streaming has drawn comparisons to Netflix, which built upon its pioneering role in DVD-by-mail rentals and then video streaming to create a hugely successful, subscription-driven franchise that has produced spectacular returns for the company's investors.

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