Spotify hits $26.5bn valuation in trading debut

Spotify Swiss or Swedish? Whatevs says New York flies the wrong flag

The market is still awaiting Spotify's highly anticipated public debut as the streaming music service goes through with its unusual "direct listing".

He noted that Spotify has been able to hold its own, maintaining 36 per cent of the subscriber market despite the onslaught of Apple.

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 CEO Daniel Ek who founded the company, emerged as the day's biggest victor.

Spotify Technology SA shares surged following the largest-ever direct listing on Tuesday, giving the world's leading streaming music service a market value of almost $30 billion.

After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139. Revenue of $5 billion a year ago was up 39% from 2016.

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

Ibrahimovic's MLS debut 'possibly' as soon as Saturday: Coach Sigi Schmid
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For its stock debut, Spotify hired Goldman Sachs Group Inc., Morgan Stanley and Allen & Co.as advisers and paid them about $36m in total.

The company said it had 71 million paid users as of December 31 and 156 million active users. Verna added that Spotify's business model of combining advertising revenue with subscription fees for its on-demand streaming service has "proven to be the most popular" compared with such competitors as Apple and Pandora. But though Millennials are also a key demographic for Spotify, the Swedish company's listing did not draw disproportionate interest from that generation.

The shares are trading on the New York Stock Exchange under the ticker SPOT.

"The similarities here, we believe, are much greater than the differences", RBC Capital Markets analyst Mark Mahaney wrote in a recent research note assessing the parallels between Spotify and Netflix.

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

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE.

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