Spotify share surge is sweet music for Scottish Mortgage

05 April, 2018, 01:01 | Author: Regina Lloyd
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So, Spotify is now SPOT on the New York Stock Exchange, having finally listed. This is where the company doesn't issue new shares or seek to raise money through the process of going public, instead it gives existing shareholders the option to sell their shares to the public. On a comparable basis the Apple Music service has 46 million subscribers.

Services such as Apple Music or Amazon Music Unlimited, even though trailing after Spotify in terms of numbers of subscribers, do not have to worry about staying commercially viable.

Spotify's direct listing on the New York Stock Exchange was a non-traditional route to the public capital markets.

The direct listing allows Spotify to avoid some of the frustrations that companies have when listing publicly.

In 2015, Spotify's valuation was priced at just $8 billion - this figure has tripled in 3 years.

This is the second piece of good news for the UK's largest public equity investment trust which last month saw Dropbox (DBX.O) achieve an $11.5 billion valuation on its flotation on Nasdaq. In contrast, Spotify raised exactly $0 in its IPO yesterday.




Morris is feeling quite bullish on Spotify's future prospects, and he points to the fact that the streaming music service offers up "convenience, curation, breadth of content, and payment options" for users.

Spotify's IPO made for an exciting day on Wall Street. Sony Music provides its artists' music to the Swedish company.

"Normally, companies don't pursue a direct listing".

Daniel Ek, Spotify's co-founder and chief executive, added in the Times report that the manner in which they went public reflected the company's self-image as a disrupter in the industry. While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.

Spotify has yet to turn a profit in its almost 10 years of existence, and the company even warned last week that it might see its sales growth slow in 2018, although it remained hopeful of achieving a lower annual loss.

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.

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