Known as the dominant player in streaming biz, Spotify has been around for close to a decade. Today Spotify is estimated to be worth over $20 billion. Lately, the Swedish company has been in the news for all kind of reasons, from astronomical increase in their number of subscribers to strategic partnerships, know why Spotify is the talk of the music industry around the globe.
- Spotify crosses the mark of 70 million subscribers. With over 140 million active users and adding 10 million paying subscribers since its last update in July, the music streaming giant has been valued over $20 billion.
- In the last week of December, the Swedish company filed IPO documents confidentially with the SEC.
- Spotify has decided to go public in the first half of 2018. Reverberating through the music industry that is, likely to leave its rivals either terrified or under pressure to spend a lot more to compete.
- Using an unusual direct listing instead of a conventional float. Direct listings – where a company starts selling its stock on the public markets without going through the whole tedious process – are not new, but they are extremely rare.
- In other words, Spotify would simply start trading shares rather than securing outside funding through an initial public offering.
- The most recent private trades in the Swedish company have taken place at above $4,000 per share according to sources.
- Late last year there had been talks of security breach, though Spotify later publicly stated they did not experience a security breach and user records are safe.
Last week, a copyright lawsuit of $1.6 billion was filed against Spotify by Wixen Music Publishing for allegedly using thousands of songs without a license and compensation to the music publisher while its executives are drawing outrageous salaries.