Spotify Sets April 3 as First Trading Day

16 March, 2018, 01:20 | Author: Marjorie Miles
  • Spotify lands in SA

Spotify CEO Daniel Ek speaks onstage Thursday during Spotify's Investor Day in New York City.

Ek said he would not be ringing the bell or standing on the floor of the NY stock exchange giving interviews when Spotify's shares start trading. It must convince investors that its business is sound and that investors who buy shares in the public market debut will not be hurt by unexpected volatility. And while Ek conceded that "I think we could have done a better job of telling our story", he pointed to the music industry's 3% and 6% growth in 2015 and 2016 respectively, and noted that it was driven by streaming, and of course Spotify is the world's largest streaming platform.

With Spotify available on PlayStation Music, users can stream music on their PlayStation 4 while gaming.

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Spotify will begin selling its stock directly to the people on April 3 in what is sure to be a volatile and fascinating first day of trading for the music company.

Chief Financial Officer Barry McCarthy, the former long-serving CFO of streaming video giant Netflix Inc (NFLX.O), said Spotify's strategy was to prioritize growth before short-term profitability, and that greater scale would enable profit margins to swell.

The company said its free tier, which artists and music labels at one time said devalued music, is used to bring in more users, glean data from them to improve products and then eventually convert some onto its paid tier.

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Spotify's F-1 revealed that it finished 2017 with 71m paying subscribers and 159m monthly active users (MAUs). But it lost $461 million a year ago. Based on private transactions, it is valued at roughly $19bn, according to Reuters calculations.

The independent service is jockeying against efforts from Apple, which has 38 million paid listeners and eschews advertising-supported services.

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