AfterDawn: Tech news

Spotify was publicly listed with market cap of nearly $30 billion

Written by Matti Robinson @ 04 Apr 2018 10:34

Spotify was publicly listed with market cap of nearly $30 billion

The king of music streaming, Spotify, completed the public listing process yesterday. The company officially listed on the New York Stock Exchange (NYSE) where the market initially valued the company almost at $30 billion.
Spotify's CEO Daniel Ek wrote a blog post a day earlier thanking hard-working employees for the past years, but more importantly looked in to the future.

The company has been a huge influence in music industry as a whole. During its early years it was the target of artists, activists, and record companies who believed that especially the free tier is the essentially stealing from the artists.

Later Google and Apple have followed suit, and streaming music is overwhelmingly the choice of music media these days. And Spotify has turned millions of non-paying customers into real customers.

The company in fact boasts now a total of over 160 million listeners, of which more than 70 million are paying a monthly subscription fee. The worldwide customer base is unparalleled, although Apple Music is challenging Spotify's numbers in the US.



NYSE recognizes Spotify, that did an unusual direct listing instead of a fancier more traditional IPO, now with a ticker SPOT. Spotify opened with a stock price of $165.90 which is a quarter up from its initial reference price.

Since the opening the stock price has been falling more or less steadily and is currently at around $140.

Previous Next  
Comments have been disabled for this article.

Latest news

Guide: How to Kick Unwanted Guests from Your Netflix Account Guide: How to Kick Unwanted Guests from Your Netflix Account (26 Jan 2023 2:14)
Sharing a Netflix account with a person in a different location is possible and indeed very common, although the company doesn't necessarily enjoy this behavior from their customers. However, ....
1 user comment
Guide: Turn an Old Computer Into a Chromebook Easily and for Free Guide: Turn an Old Computer Into a Chromebook Easily and for Free (07 Jan 2023 2:11)
Do you know someone whose computer is way beyond its best-before date, and they, unfortunately, do know have the skills or the expertise to do much about it? Or do you own a pile of old laptop ....
3 user comments
How to Choose a Robot Vacuum? How to Choose a Robot Vacuum? (07 Jan 2023 9:12)
Robot vacuums are meant to make day-to-day life easier in several ways. When they are used efficiently, they can keep the house clean continuously - at least when it comes to floors. In addition, ....
4 user comments
Tech year 2022 wrapped up: The rise of the AI, EU to become the much-needed counterweight to tech giants, ... Tech year 2022 wrapped up: The rise of the AI, EU to become the much-needed counterweight to tech giants, ... (01 Jan 2023 2:11)
AfterDawn's wrap-up for the tech year 2022. The rise of the artificial intelligence was probably the most significant change that occurred during the year 2022, but there were many other interesting developments, too.
2 user comments
OPPO to follow Samsung, OnePlus: Promises 4 Android updates, 5 years of patches for upcoming flagships OPPO to follow Samsung, OnePlus: Promises 4 Android updates, 5 years of patches for upcoming flagships (21 Dec 2022 3:45)
OPPO has updated its official Android update policy. Phone manufacturer now promises four major Android operating system updates for its new flagship phones.
4 user comments

News archive