Spotify begins public trading under symbol SPOT

04 April, 2018, 01:10 | Author: Becky Perry
  • Microsoft Senior VP of Entertainment Music & Gaming Jason Rutherford during a media presentation in Redmond WA. March 30th 2018

However, during informal trading Monday, pricing of Spotify appeared as if it were holding up, as it exchanged hands with prices of $132 per share, which gives the company a $23 billion value. It's the first time for such a performance, and there's bit of jittery anticipation in the air. 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.

"NYSE using the Swiss flag for @Spotify entering the stock market", he wrote, with emojis of the flags next to one another. Spotify wanted to democratize the process and they didn't need to raise fresh money through the offering as is often the case with an IPO. It also says the process is fairer because it puts large and small investors on a level playing field.

Spotify is unarguably the biggest and best-known of the streaming services that have transformed the music business. However, as The Guardian points out, it's hard to value the music streaming firm because in its 12 years of existence, it's never turned a profit, despite the fact that it now has 157 million listeners, of which 71 million are paying subscribers. The streaming service, which will trade under the symbol SPOT, is bypassing numerous traditional steps of a Wall Street IPO.

It's a great flag and everything, but there's one problem: Spotify is a Swedish company. "Total global music sales have grown three straight years after a 15-year decline".

Unlike Netflix, Spotify still isn't profitable, having lost more than 2.4 billion euros ($3 billion) since it started more than a decade ago.

The company's owners expect to collect around $1bn with the move and expect a negative impact between €35-40m costs from the move.

Free Little Caesars lunch thanks to a March Madness bet
And from 11:30 a.m.to 1 p.m. on Monday, pizza lovers can cash in. ►Make it easy to keep up to date with more stories like this. There were similar scenes posted on social media from several of Little Caesars' 5,000-plus locations throughout the country.


And, to be sure, it faces potentially formidable competition.

If Spotify's IPO is a flop, it would support the IPO status quo, while also casting doubt on entire herds of tech unicorns with high-flying valuations, as well as the private markets that feed them.

But at least for now, Spotify is No. 1 on the charts, as WABC's Cousin Brucie used to tell us. By the early afternoon, the stock was still hovering around $150 - well above its previous high of $132.50 in deals worked out during Spotify's 12-year history as a privately held company.

Daniel Ek has posted an open letter on the eve of his company's IPO, stressing that although tomorrow (or "today" as us future-dwelling Aussies call it) is a big day in his company's history, he doesn't want it to become the most important day.

In another unusual twist, the company's founders declined to ring the traditional opening bell on the trading floor on Wall Street. The problem is, many are skeptical the company can ever make a profit.

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