Music Streaming Giant Spotify Files to Go Public
Spotify is making big moves
After months of speculation, Spotify, the number one music streaming service in the world, officially filed for an initial public offering on Wednesday.
The company, which has been around for 10 years, has 71 million paid subscribers, compared to rival Apple Music, which has 36 million. (Apple has only been around for three years.)
The company will trade on the New York Stock Exchange using the name SPOT. The tech giant saw their shares trade as high as $132.50 on private markets; based on that number, the company has a valuation of $23 billion.
What's interesting is the release of their F1; it shows that Spotify made revenue of $2.37 billion in 2015, $3.6 billion in 2016 and $4.99 billion in 2017. It should also be noted that the company lost $1.5 billion in 2017.
Source: NY Times