Thursday, 1 March 2018

Spotify filed to list on the New York Stock Exchange

Spotify has filed to list on the New York Stock Exchange in a move that may value the world's biggest music streaming service at more than $23bn (£16.7bn).

In an unconventional move, the firm will list shares directly on the NYSE.

Rather than issue new shares, Spotify's existing shareholders will take their shares directly to the market.

That will allow early investors and employees to sell their stakes and is not intended to raise new funding.

Mark Mulligan, a UK-based music industry analyst at MIDiA Research, said: "It's about a company that is letting its investors get their returns so it can move on to the next stage of its career."
Spotify has offered a streaming service since 2008 and has 159 million monthly active users including 71 million paid subscribers globally.

Apple Music has about 36 million subscribers, but unlike Spotify it does not offer a free tier supported by advertising.

BBC     News.