Spotify's stock market listing was unusually low key for a 10-year-old company that has 157 million active users including 71 million subscribers, but is still loss-making due to the huge royalties it pays music companies.
"Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years", Ek wrote.
In a research note sent to clients prior to the company's listing, Laith Khalaf, Senior Analyst at Hargreaves Lansdown, had said: "Spotify has chosen to simply dive straight into the New York Stock Exchange, rather than being lowered in gently by the usual consortium of investment banks". Investors had initially pegged the company's value at $30 billion when the market opened. That means that Sony expects to record a gain of $97.30 a share in its next earnings report for all of the shares it held before trading began on the Spotify stock yesterday.
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In the case of Spotify, it has opted for a so-called "direct listing".
Spotify owns about 9% of Tencent Music, a stake valued at €910 million ($1.1 billion), according to a regulatory filing with the US Securities and Exchange Commission. A grand total of 61 per cent of Swedish households (15-74 years) subscribe to at least one service for music or TV streaming (Q4, 2017).
"Normally, companies don't pursue a direct listing". However, the music streaming service is also facing questions over profitability and increasing competition from rivals, particularly from Apple Music, the music streaming service offered by consumer electronics giant Apple.
Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit. The position makes Coleman's firm the fourth-largest holder of Spotify, following co-founders Martin Lorentzon and Daniel Ek and Tencent Holdings, filings show. As I mentioned during our Investor Day, our focus isn't on the initial splash.