Spotify to float on New York Stock Exchange despite haemorrhaging money
Yet there's reason to believe Spotify shares will soar once they begin trading under the ticker symbol SPOT. Absent from the filing are large one-time awards of stock, or promises of big grants in conjunction with an IPO, which tech companies often grant top executives.
The move provides an exit for early investors looking to cash in on the company's growth, but is not meant to help the business raise significant new money.
Certainly the future for Pandora is bleak, and Spotify didn't do a great job in outlining ways to make money in its F1 filing.
As a result, it has warned would-be investors that trading "may be more volatile" than normal, especially over the first few weeks. More color on this Spotify - both in terms of TME's valuation and Tencent's position as a major Spotify investor - give a little more insight into how the two companies might work together. That puts it comfortably ahead of second-placed Apple, which has around 36mln paying subscribers.
However, while those numbers might sound impressive, the fact is that the company is also bleeding red when it comes to paying license fees to music publishers.
Spotify has already won over the music industry, and listeners worldwide, with an online-streaming service that makes millions of songs instantly available.
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Rumours around Spotify going public have been floating around for several months now, coming to a head in August 2017 when the company struck a deal with Warner Music.
Despite loud protests against the company in the past by artistes ranging from Taylor Swift to Radiohead, who say streaming short-changes the creators, virtually all well-known Western musicians now stream their music on Spotify or its rivals.
Net losses were at €1.235 billion ($1.51 billion) for the year, more than double of €539 million ($657.8 million) in 2016 and more than five times of €230 million ($280.7 million).
A direct listing only allows investors to buy shares on the open market, with no pre-determined price, unlike a traditional IPO, which lets underwriters set an initial price through hype.
"We have incurred significant operating losses in the past, and we may not be able to generate sufficient revenue to be profitable, or to generate a positive cash flow on a sustained basis", the company said as it listed the risk factors.
It's no secret that diving into the business of music streaming is tricky, what with companies having to juggle monetary partnerships with music record labels. He said that Spotify did not want to announce officially that it would come to Israel, in order to keep up the threat against ACUM that it might not. While Spotify reported revenues to the tune of about $5 billion for a year ago, it also incurred loses worth about $1.5 billion during the same period. Further, the company informs that its paid subscribers are growing at a rate of 46% year-over-year, whereas monthly users surged 29% year-over-year.
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