Spotify debuted on the New York Stock Exchange through a direct listing on Tuesday and closed its first day of trading at $149.01 per share, above its initial reference point of $132 per share. However, reports suggest that Apple Music isn't far behind Spotify in the USA and is expected to surpass 36 million paid subscribers globally by the summer.
Mediavision research finds that over 60 per cent of Swedish households subscribe to at least one service for music or TV streaming.
Spotify CEO Daniel Ek who founded the company, emerged as the day's biggest victor. "Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment", Mr. Ek said in a statement Monday.
In a direct listing, a company doesn't raise any money by issuing new shares, which is unusual for a first public offering.
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The company's was listed with a price of 165.90 United States dollars per share, which is 26% higher than the reference price of 132 USD per share set by the NYSE on Monday.
Stock analysts appear anxious about Spotify's path to profitability.
Among the majors, Sony had the largest share in the company, with about 5.7 percent, according to Spotify's prospectus. Spotify now has a higher market value than Snapchat owner Snap Inc, which went public past year.
Their music-streaming services are additive to their user ecosystems, which leaves Spotify essentially alone in the quest to design models to keep its business profitable.
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The service already hosts podcasts and radio shows, and it's easy to imagine Spotify will eventually venture into more exclusive content, akin to Taylor Swift's Spotify-only music video for her newest single, "Delicate". "The constant is that we believe we are still early in our journey and we have room to learn and grow".
The shares will simply float on the New York Stock Exchange, with no banks to mop up any excess stock, no-one to set the share price via the underwriting process and no-one to allocate shares to investors.
Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE.
"Spotify's going to have to get used to market volatility and getting dragged down (or pushed up) by other companies in their general space".
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Some 52 per cent of William Reed employees are female, but they make up just 35 per cent of the top earners at the company. These are the findings of independent research carried out for SavvvWoman.co.uk, a leading finance website aimed at women.