Spotify hits $26.5bn valuation in trading debut

05 April, 2018, 01:36 | Author: Myrtle Cook
  • Spotify — Tomorrow

The day before the public offering, Spotify CEO Daniel Ek discussed the decision to avoid the usual fundraising and fanfare of an IPO as an example of the company thinking different. It went public and the valuation closed at $26.5 billion.

Spotify has taken an unusual move - most companies choose initial public offering (IPO) for their market debut.

"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".

"It is a success", Tom Cahill of Ventura Wealth Management said of the listing. Markets are choppy enough right now, particularly in shares of technology companies, following Donald Trump's recent public sabre-rattling against the likes of Amazon. So someone like Ek or Lorentzon could sell their shares today and go buy a mansion or two tomorrow.

That's still above the $132 reference price set by the NYSE, but well below the stock's Tuesday opening price of $165.90, when a total of 5.6 million shares changed hands in the first trade.

Note: To keep the quiz interesting, we've removed generic identifying words from the names of some streaming services, such as "radio" or "music".

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"Normally, companies don't pursue a direct listing".

The growth - in line with global trends - was nearly entirely attributable to the rise in streaming subscriptions, according to the Recording Industry Association of America. Tiger Global was an early investor in both Facebook and LinkedIn.

With its heavy investment in building the platform, Spotify has yet to turn a profit. We don't know, for instance, if a certain firm sold or bought shares quietly several years ago.

While Spotify has faced stiff competition from Apple Music over the past few years, it remains the market leader in music streaming with 71 million paying subscribers and 159 million monthly listeners across 61 countries.

Sony maintains the rest of its Spotify stake, said Cony Corp - at least for now - and, despite anticipating some ups and downs on the NYSE, is confident of further profit.

"Nothing ever happens in a straight line - the past 10 years have certainly taught me that". Of course, I am proud of what we've built over the last decade.

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