Sci-tech

Spotify plans to go public on April 3

Spotify plans to go public on April 3

They also revealed that Spotify would provide full-year financial guidance on March 26.

The music streaming service Spotify has told investors it can become profitable and fend off bigger rivals such as Apple and Amazon, as it announced its shares will begin trading on the NY stock exchange on 3 April.

Spotify said its revenues grew 39% to €4.09bn in 2017 but the cost of financing left its bottom line firmly in the red, with operating losses widening by 8% to €378m.

"The traditional model for taking a company public just isn't a very good fit for us", Ek said in his opening remarks on stage, forfeiting Wall Street attire for white sneakers, a white t-shirt and a blazer. They said Spotify doesn't need the money, but they want to give existing shareholders the opportunity to easily sell shares on a public, liquid exchange.

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"Operating losses have grown with revenue, but the trend towards profitability is clear when you look at operating losses as a percentage of revenue", the company said in the presentation in NY. So far this year, the valuation has been calculated at US$15.9 billion to US$23.4 billion for the 2.8 million shares that traded.

Spotify, which Ek co-founded in Stockholm, has 71 million paying subscribers and 159 million total users.

Apple, Spotify, Google and other services charge around $9.99 a month for music subscriptions.

The company's Head of Investor Relations, Paul Vogel, has just confirmed that Spotify will publicly list shares on the NYSE via an usual "direct listing" on Tuesday, April 3. The Swedish company, which was established in 2008 and now operating in more than 60 countries, is the largest music streaming company in the world and is competing with Apple, Amazon.com and Google services in the field.

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Company executives shared the news on Thursday during its first investor day.

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".

Spotify was founded more than a decade ago and helped shift the music industry from the era of illegal downloads to legal streaming on demand.

Will Spotify's IPO be a hit? "Now it remains to be seen whether we will win, but that's the game we are playing", he said.

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