Published: Fri, March 16, 2018
Industry | By Faith Ward

Spotify to go public on April 3

Spotify to go public on April 3

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

As part of its goal to reach as many people as possible, the music streaming service said its free, ad-supported tier would remain in place, even as almost 90% of its revenue comes from premium, subscription-based users. That will keep it ahead of Apple, the company believes.

BEA Music stressed, "With downloads, which generate more than 9 million sales, digital now represents 54% of all music sales or more than €39 million, the converse of past year when sales of CDs, vinyl and DVDs had a 56% market share".

That makes it the market leader, ahead of Apple with 38 million paying users.

The streaming music market in the country is dominated by players like Apple Music, Google Play, Deezer and Simfy Africa. A catalogue of over 35-million local and global tracks is available to free users and subscribers.

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Its new HomePod smart speaker is created to work best with Apple Music over Spotify.

Executives also said they want any investor-rather than a curated group-to have the chance to buy shares on the first day. Based on private transactions, it is valued at roughly $19 billion, according to Reuters calculations. It said it plans for its shares to start trading April 3 and will provide financial guidance on March 26.

The company said: "Operating losses have grown with revenue, but the trend towards profitability is clear when you look at operating losses as a percentage of revenue".

Helping listeners find new bands and songs is an "infinitely larger" opportunity in music than so-called discovery was for video, McCarthy said, comparing Netflix's rapid rise from mail-order DVD distribution into a streaming media service to Spotify's audio streaming business. Spotify is still the undisputable lead in this market as well.

"There is an enormous pay-off for whoever wins".

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