Wednesday, 25 April, 2018

Spotify valued at $26bn in unusual stock debut listing

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Stacy Houston | 05 April, 2018, 01:36

The streaming music industry has given a boost to Sony's music business, whose artists include Beyoncé, DJ Khaled and Justin Timberlake.

Colin Gillis, Chatham Road Partners director of research, on why Spotify shares will trade below $100 this year.

Services such as Apple Music or Amazon Music Unlimited, even though trailing after Spotify in terms of numbers of subscribers, do not have to worry about staying commercially viable.

However, Spotify is now entwined in an increasingly competitive music-streaming business, where nearly all of its main competitors are owned by tech giants whose music-streaming services are not their core business.

Spotify's 35-year-old chief executive and co-founder Daniel Ek, in a blog essay before the stock listing, said his company had ample "room to learn and grow".

The stock market's warm welcome left Spotify with a market value of about $27 billion, according to FactSet.

Two American flags and one Swiss flag hung outside the stock exchange on the day of the music streaming company's initial public offering.

A new update for iOS
Apple Inc . ( AAPL ) is expected to post revenue of $61.19 Billion in the current quarter, according to consensus of 30 analysts. Factory Mutual Ins holds 3.32% of its portfolio in Apple Inc . (NYSE:T) earned "Buy" rating by DA Davidson on Monday, March 7.

A trading post sports the Spotify logo on the floor of the New York Stock Exchange on April 3.

Some experts warned ahead of Spotify's debut that a direct listing opened the streaming giant up to early volatility, without underwriters or early major investors.

Spotify chose to forego the traditional IPO route, instead opting for an unconventional "direct listing" that let it offer its shares for trading without incurring underwriting costs from Wall Street.

He expected more companies to follow Spotify's strategy in the future, taking their time to list on the market.

Analysts had anxious ahead of Spotify's direct listing that forgoing underwriters and traditional promotional events created to stimulate interest from institutional investors could mean volatility once formal trading kicked off. "It's not manipulated or set by any puts and takes by banks or institutional investors", said Chi-Hua Chien, an early investor in Spotify who is now at San Mateo, California-based Goodwater Capital.

"Normally, companies don't pursue a direct listing". "Our focus isn't on the initial splash".

Now, the service has 71 million paying customers, making it the most successful music streaming company to date, surpassing Apple Music, Google Play Music, and Tidal among others.

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