Apple Music Hits 38 Million Paid Subscribers

Spotify Technology SA plans to list shares on the New York Stock Exchange next month according to people with knowledge of the matter

The South African pricing is a significant discount to what Spotify users pay in the US.

Yet Spotify, which estimated its value to be as much as $23.4 billion in its application to list some of its existing shares on the New York Stock Exchange, has yet to turn a profit.

Cost of revenue - which mainly consists of royalty paid to music record labels and music publishers - rose 49 percent in 2016, but just 27 percent past year, the company's documents showed. Whereas Apple Music is now growing by 5% every month, Spotify is said to be growing it subscriber base by about 2% every month. Unlike Spotify, Apple offers a three-month free trial before subscribers are hit with a $9.99 monthly subscription fee.

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The Swedish company, launched in 2008 and available in more than 60 countries, is the biggest music streaming company in the world and counts services from Apple Inc, Amazon.com Inc and Alphabet Inc's Google Play as its main rivals. And with Spotify's 159 million free listeners who also listen to ads, it's clear that this new concept of radio may have a long ways to go before saturation.

Spotify will deviate from decades of practice by not issuing any new shares or raising money in its initial public offering. Radiohead and Taylor Swift have been among high-profile dissidents; both have returned to the service. While company sales climbed to 4.09 billion euros ($5 billion) in 2017, losses widened.

Apple Music competes with leading paid music platforms like Google and Amazon in the race.

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