Spotify value exceeds $26bn after float

05 April, 2018, 01:25 | Author: Julian Harrison
  • Bill Hader as Stefon left and Colin Jost on SNL on March 17

The Spotify banner hangs from the New York Stock Exchange (NYSE) on the morning that the music streaming service begins trading shares at the NYSE on April 3, 2018 in New York City. On a comparable basis the Apple Music service has 46 million subscribers. Its biggest rivals are Apple Music - which dominates the digital downloads market - Amazon, Google, and smaller streaming services like the French company Deezer and Pandora and Jay Z's Tidal in the US. Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment.

Spotify's opening listing was 34 per cent higher than its initial set reference price, which put the company's value at almost $30bn.

Spotify soared Tuesday to a value of more than $26 billion (S$34 billion) in its long-awaited stock debut as the market delivered a ringing endorsement of the future of music streaming. "Spotify has been a driving force in the turnaround of the USA recorded music industry over the past few years".

Spotify and Tencent's music subsidiary announced a share swap in December, taking minority stakes in each other ahead of expected stock market listings this year.

The unusual listing thus added to the suspense over how Spotify would fare on the market as the company has yet to turn a profit. 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.




Spotify's core business is online music streaming services that allow customers to play music through the internet.

It has more than 159 million monthly active listeners globally, with 71 million of those paying subscribers. "The constant is that we believe we are still early in our journey and we have room to learn and grow".

The opening public price was determined by buy and sell orders collected by the NYSE from broker-dealers and a designated market maker's determination of where buy orders could be matched with sell orders.

Debuting on the New York Stock Exchange, Spotify shares will finally become publicly traded.

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