SAN FRANCISCO: Spotify on Tuesday debuts as a publicly traded company, hoping that its streaming music model will be a hit with investors and a boon to artists. In an unusual move, Spotify will list existing shares directly on the New York Stock Exchange rather than issuing new stock, allowing its founders and investors to maintain control and avoiding the cost of hiring Wall Street underwriters. “Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years,” 35-year-old chief executive and co-founder Daniel Ek said in a blog post-Monday ahead of the listing of “SPOT” shares. Ek said the move “puts us on a bigger stage,” but “doesn’t change who we are, what we are about, or how we operate”. The Swedish platform which has helped make streaming the most popular way to listen to music in parts of the world estimated the company’s value to be as much as US$23.4 billion, (RM90.5 billion). Spotify said in a regulatory filing that it had 159 million monthly users including 71 million paying subscribers — twice that of closest rival Apple Music, which the iPhone maker launched in 2015 to win a… Read full this story
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