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Spotify Will Be Making Its Stock Market Debut Today
04 April 2018, 01:09 | Francis Delgado
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Spotify is leaving it up to the market to find a price without the handholding that banks perform-for a fee-to make sure things go smoothly. Snapshares also got off to a rocky start past year.
If successful, Spotify could become a roadmap for the array of multi-billion dollar tech companies, investors are now hoping will go public soon, including Airbnb, Lyft and Uber. The "o" part of IPO stands for offering and Spotify isn't raising any money.
But Farrell says there's also room for upside.
This is without Spotify having hired investment banks as underwriters and undertaking an investor road show as is typical in a traditional initial public offering (IPO). Swift famously removed her music from Spotify and other streaming services in 2014 but made her back catalog available to them once again a year ago.
By comparison, Apple's almost 3-year-old music streaming service has 38 million subscribers. Spent more time directly explaining the model and why streaming mattered.
Spotify is a company that has been burdened with issues particularly in the latter half of its existence.
Analysts expected the company to be valued at around $23bn but have warned that its direct listing could lead to volatile swings in its value as the market decides its future prospects.
Spotify can eschew a traditional IPO because it does not require fresh capital and is a popular consumer brand about which the investors do not need educating through a road show.
And, to be sure, it faces potentially formidable competition.
Snapchat owner Snap and meal-kit subscription company Blue Apron Holdings have failed to live up to their IPO valuations once they started trading in public markets.
But at least for now, Spotify is No. 1 on the charts, as WABC's Cousin Brucie used to tell us.
Looking at the the guidance for growing sales this year, Wilson wondered if Spotify can convince investors that it is able to turn a profit.
"Normally, companies don't pursue a direct listing. And despite the enormous respect I have for the New York Stock Exchange in this process, I also won't be on the floor doing any interviews".
In fact, no one really knows how this "direct listing" is going to go. The problem is, many are skeptical the company can ever make a profit. "But what's even more important to me is that tomorrowdoes not become the most important day for Spotify".
Spotify Chief Executive Daniel Ekwrote in a letter yesterday that the listing will put it on a "bigger stage", but that his focus remained on building the company for the long term.
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