April 20, 2018

Spotify debuts on Wall Street with a $30 billion valuation

05 April 2018, 01:03 | Lionel James

Home New Music Spada ft fiction – With You Spada ft fiction – With You Apr

Home New Music Spada ft fiction – With You
                Spada ft fiction – With You

Spotify (SPOT) opened at $165.90 a share on the New York Stock Exchange Tuesday bringing the companies value to $30 billion.

Spotify listed on the stock market this week, with an unusual "direct listing" that resulting in shares of the music streaming service being up 12.9% on their first day of trade on the New York Stock Exchange.

Spotify shares opened at $165.90, giving the Stockholm-based company a market value of nearly $30 billion.

Spotify's stock market listing was unusually low key for a 10-year-old company that has 157 million active users including 71 million subscribers, but is still loss-making due to the huge royalties it pays music companies. However, reports suggest that Apple Music isn't far behind Spotify in the U.S. and is expected to surpass 36 million paid subscribers globally by the summer.

The music-, podcast-, and video-streaming company Spotify took a historic step as the company completed a direct listing, bypassing the traditional initial public offering and ditching Wall Street underwriters.

Slowdown in Eurozone manufacturing growth continues in March
Earlier sister surveys showed although growth slowed in the currency union's four biggest economies it still stayed strong. Weaker conditions remain evident in the small but diverse textile, clothing & other manufacturing sub-sector.

The direct listing allows Spotify to avoid some of the frustrations that companies have when listing publicly. The series G late stage venture financing round valued Spotify at $8 billion. Spotify's current chief financial officer, Barry McCarthy, held the same job when Netflix went public and remained in that position until leaving the video service in 2010. "Apple is growing faster than Spotify and has a different business model whereby music does not have to be profitable on a standalone basis", Tinker wrote and predicted $130 per share price for the stock this year. If this works, many companies may use Spotify's IPO as a benchmark. A grand total of 61 per cent of Swedish households (15-74 years) subscribe to at least one service for music or TV streaming (Q4, 2017).

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE. Instead, we will be working on trying to build, plan, and imagine for the long term.

It's not the first time fraudsters have targeted Spotify-an MBW investigation in February revealed how a Bulgarian playlist-maker scammed the Spotify payout system for months a year ago.

Though in music circles, more attention will focus on if and when the record companies decide to sell the equity they acquired in Spotify as part of their original licensing deals.

Other News

Trending Now

Kim Jong Un 'deeply moved' at South Korea's K-Pop diplomacy
The mistress of ceremony during the concert in Pyongyang will be Seohyun , the group's south Korean K-pop Girl's Generation . No sitting USA president has ever met personally with a North Korean leader since the conclusion of the Korean War.

Facebook says it will not extend GDPR privacy protections beyond EU
More incidents are likely to crop up, some Facebook executives fear. "I'm not sure we shouldn't be regulated", he said to CNN. The memo to employees reiterated the company's desire to connect people with one another, but not without a price.

Apple's working on curved iPhones with touchless gestures
The 10th anniversary iPhone's OLED display curves slightly at the bottom though it isn't that visible to the human eye. The person added that the capability would take into account the proximity of the user's finger to the screen.

Violence erupts in Kashmir after security forces kill militants
These reports suggested that tourists were injured in stone-pelting in Awantipora, and the Dalgate area in the city of Srinagar . Rebels have been fighting Indian rule since 1989 , demanding Kashmir be made part of Pakistan or become an independent country.

Villanova opens as biggest favorite in title game since Duke in 2010
MI has shored up the deficiency that always held it back, becoming one of the nation's best defensive teams, not one of its worst. The pieces are aligned for a classic, so long as MI plays to its ceiling. "Obviously we're very talented offensively".

'Deal reached' for Syria rebels to quit last Ghouta holdout
Trump's comments came as France said on Friday it could increase its military presence in Syria to bolster the US -led campaign. No date was given for the pullout and Moscow said rebels were expected to demine buildings and clear roadblocks before leaving.

Iowa among states suing U.S. over census citizenship question
District Court for the Southern District of ny , also includes six cities and the bipartisan U.S. Department of Commerce, responsible for the census , and the Bureau of the Census .

Huge Moto G6 Specs Leak: Everything You Need to Know
For imagine, it is expected to retain a similar 12MP + 5MP main camera combo while the front may come with a 16MP selfie shooter. Juicing up the device could be a slightly bigger 3,200mAh battery that's also charged with Motorola's TurboPower charger.

21st Century Fox could sell Sky News to Disney
Fox, which now owns just 39 per cent of Sky , expressed confidence either option would address the CMA's outstanding concerns. Analysts Liberum Capital said the Fox remedies "should be adequate" to overcome the regulator's media plurality concerns .

Ghost Recon Wildlands Year 2 Content Announced
In this mode, an attacking team will set out to capture and hold an objective area, the defending team will try to stop them. Updates for Ghost War PvP will also be included alongside "features highly requested by the community".