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Spotify IPO: Music streaming app files for public offering of up to $1 billion Spotify IPO: Music streaming app files for public offering
(35 minutes later)
Music streaming service Spotify is going public.Music streaming service Spotify is going public.
The company revealed its plans in a filing with the Securities and Exchange Commission. It plans to trade under the ticker designation SPOT and said its maximum public offering could be up to $1bn (£725m). The company revealed its plans in a filing with the Securities and Exchange Commission. It plans to trade under the ticker designation SPOT and noted a maximum public offering of up to $1bn (£725m), though that number was an estimate intended to calculate a registration fee.
In the filing, Spotify argued it had helped reverse the music industry's declining financial fortunes and predicted that music streaming would continue to be a lucrative business. The filing said Spotify was planning a direct listing, which involves floating existing shares rather than issuing new ones.
In the filing, Spotify argued it had helped reverse the music industry's declining financial fortunes and predicted that music streaming would continue to be a lucrative business.
“We are transforming the music industry by allowing Users to move from a 'transaction-based' experience of buying and owning music to an 'access-based' model which allows Users to stream music on demand,” the filing said.“We are transforming the music industry by allowing Users to move from a 'transaction-based' experience of buying and owning music to an 'access-based' model which allows Users to stream music on demand,” the filing said.
Some 159 million people actively use the service each month, the filing said, and 71 million people had signed up for its premium subscription service.Some 159 million people actively use the service each month, the filing said, and 71 million people had signed up for its premium subscription service.
Spotify is competing with other companies to dominate the increasingly crowded music streaming industry.
According to its filing, the company holds a 41 per cent global market share, a number that rises to 59 per cent in the UK.According to its filing, the company holds a 41 per cent global market share, a number that rises to 59 per cent in the UK.