Spotify says path to profits clear ahead of April 3 listing

Spotify lands in SA

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"For us, going public has never been about the pomp or circumstance of it all", CEO Daniel Ek told the crowd gathered for the investor-day event or listening via live stream. The company plans to release additional investor guidance on March 26, according to Variety, which attended the lengthy presentation.

Sony is the biggest industry shareholder with a 5.7% holding in Spotify. Its listing will likely be coveted by investors who are seeking high growth that often comes with big-name, highly valued technology IPOs, which have been rare of late.

Spotify's CEO and Chairman, Daniel Ek, gave a live presentation to investors and would-be investors in NY. In a normal IPO, such meetings are reserved for fund managers and other big Wall Street investors.

The Stockholm-based company's stock will be available to investors via an unusual direct listing without traditional underwriters. They said Spotify doesn't need the money, but they want to give existing shareholders the opportunity to easily sell shares on a public, liquid exchange.

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During the meeting, Vogel confirmed that Spotify will publicly list shares on the NYSE via direct listing on April 3rd.

Spotify's current valuation is now above $20bn, according to some recent private share trades between investors in the company.

Spotify is aiming for offerings that drive usage and sign-ups, such as timed exclusives and albums with unique video components.

Unusually, the company is not issuing new shares as in a traditional IPO.

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He pointed out that Spotify has more than twice as many paying users as its nearest rival, Apple, and that its strategy is to be an ubiquitous music service across phones, smart speakers and desktops from various makers.

"Something for nothing. It's the greatest value proposition in the history of the world", said Gustav Söderström, Spotify's head of research and development.

Now the company boasts over 159 million monthly active users and 71 million premium subscribers, and is valued at nearly $20 billion. It also has 92 million users of its free, advertising-supported service, which acts to recruit new users to its premium, paid offering.

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