Spotify Sets April 3 as First Trading Day

Spotify Sets April 3 as First Trading Day

Spotify is around 10 years old, and a lot of people have supported it along the way to becoming the world's leading music-streaming platform.

Mr Ek said: "Since Spotify isn't selling any stock in the listing, we're really entirely focused on the long-term performance of the business".

Spotify also has aspirations to branch out into the rest of Africa, Boller said, without committing to timelines or geographies.

Paul Vogel, the Swedish company's head of investor relations, made the announcement at the start of a day of briefings to potential funders in NY.

Spotify executives defended the company's plans to sell shares directly to the public rather than list via a traditional offering with underwriters. "That shouldn't stop just because our stock is more widely owned". "There's no reason to dilute our existing shareholders to raise money we don't need".

Spotify Technology SA executives outlined their vision for the music-streaming company and dug into its financials, opening to the public a presentation that typically remains behind closed doors, as the company hurtles toward an April initial public offering. Head of artist relations Troy Carter spoke about the company's Spotify for Artists, which helps them pinpoint their audience and its habits and which he said more than 100,000 artists per months are using. It upended Pandora (P)'s business and has grown in spite of threats from larger rivals like Apple (AAPL) and Google (GOOGL).

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Revenue grew 39% to 4.09 billion euros ($5.04 billion) in 2017 from 2.95 billion euros in 2016, it said in a securities filing.

Spotify is still leading the sector, boasting 71 million premium subscribers at the end of previous year, and 159 million monthly users.

Another music streaming service, Pandora, could very well be considered the veteran of the field.

The direct listing is critical to alleviating Spotify's losses, which are driven by financing costs, and will enable all late-stage investors to convert debt holdings into equity.

Global music streaming provider Spotify is set to launch its services in South Africa on Tuesday, marking its entry into Africa, where there is a rapid uptake of smartphones and improving telecommunications infrastructure. "Instead we are building a vibrant ecosystem of macro and micro markets around the world that is creating an opportunity for artists of every level of fame", Ek said.

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