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Spotify Goes Public With An Estimated $30 Billion Market Value
05 April 2018, 12:43 | Maryann Sutton
Spotify Share Price Makes History with Stock Market Debut
Spotify is pursuing an unusual direct listing to reach the public markets in place of an initial public offering, and shares are expected to start trading on Tuesday.
Spotify shares opened at $165.90, giving the Stockholm-based company a market value of nearly $30 billion. Switzerland's flag is red and features a white cross in its center.
Spotify'sstock 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.
Mediavision research finds that over 60 per cent of Swedish households subscribe to at least one service for music or TV streaming.
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After several hours of anticipation Tuesday morning, Spotify's shares traded as high as $169 in their stock market debut before falling back slightly. Spotify's stock opened at $165.90 per share at 12:43 p.m. ET before closing at $149.01. Trading under the symbol SPOT, the Swedish company's losses grew to 1.235 billion euros ($1.507 billion) past year, its largest ever.
It's especially hard to tell, though, how much money some investors made as Spotify rose, because Spotify has had such an extensive history of private stock sales between shareholders. Before you invest, you should read the prospectus in that registration statement and other documents Spotify has filed with the SEC for more complete information about Spotify and its ordinary shares.
Spotify, on the other hand, has faced a heavy backlash from the music industry for revenue practices and is increasingly looking for alternatives to move its bottom line out of the red. Analysts are anxious that will be more hard for Spotify to do because it is primarily negotiating for the same music streaming rights as Apple, Google and Amazon - companies that can afford to pay even more, if they want.
With its heavy investment in building the platform, Spotify has yet to turn a profit. Previous year they posted an operating loss of $461 million, as reported by Recode. "The constant is that we believe we are still early in our journey and we have room to learn and grow", commented Daniel Ek, CEO of Spotify.
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