Saturday, 20 October, 2018

Spotify now has more than 70 million paid subscribers

Spotify now has 70 million paying subscribers nearly double that of Apple Music Spotify's Chief Content Officer Leaves Ahead Of Planned Public Offering
Allan Lindsey | 07 January, 2018, 01:58

REUTERS/Dado RuvicEarphones are seen on top of a smart phone with a Spotify logo on it, in Zenica. This means that unlike most other IPOs, there will be no set price for Spotify shares at the time the IPO goes live. Blom, who first joined Spotify in 2014, was responsible for helping the streamer ink licensing pacts with music labels as well as helming its original video strategy.

The confidential filing was initially reported by news outlet Axios. It has confidentially filed documents for IPO with the US Securities and Exchange Commission (SEC).

Spotify's Chief Content Officer, Stefan Blom, is leaving the streaming company in the coming weeks - amid the firm's attempt to list on the New York Stock Exchange.

Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs without a license and compensation to the music publisher. It is seeking damages worth at least $1.6 billion and injunctive relief.

Spotify is gearing up to launch an initial public offering, expected as soon as first quarter of 2018. Goldman Sachs, Morgan Stanley and Allen & Co are helping arrange the listing, the source added.

2 $50K Powerball winners in NKY
That means almost $1 billion is up for grabs between the Powerball and Mega Millions drawings this week. Some recent changes to the Mega Millions and Powerball games have made it harder for people to win.

But now it needs to deal with Wixen's lawsuit.

"It is not in Wixen's interests or its constituents' interests to stop Spotify or really inflict harm on them because it is the main game in town for streaming", DeMarte said.

In May, the Stockholm, Sweden-based company agreed to pay more than $43 million to settle a proposed class action alleging it failed to pay royalties for some of the songs it makes available to users.

Given Spotify's future success is more dependent on its premium service than its ad-funded platform, the latest premium user stats brag will help as it continues in its march to Wall Street.

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