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| Version 2 | Version 3 |
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| Spotify IPO: Music streaming app files for public offering | 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 noted a maximum public offering of up to $1bn (£725m), though that number was an estimate intended to calculate a registration fee. | 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. |
| The filing said Spotify was planning a direct listing, which involves floating existing shares rather than issuing new ones. | 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. | 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. |
| 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. |
| The company has seen its revenue grow steadily year-over-year, from $2.3bn (£1.7bn) in 2015 to around $5bn (£3.6nm) in 2017. | |
| In the months leading up to the announcement, Spotify negotiated licensing deals with major music labels like Warner Music, Universal Music Group and Sony Music. | In the months leading up to the announcement, Spotify negotiated licensing deals with major music labels like Warner Music, Universal Music Group and Sony Music. |
| The Swedish streaming service was founded in 2006. | The Swedish streaming service was founded in 2006. |