Published: Sat, March 17, 2018
Industry | By Johnnie Johnson

Spotify Sets April Date to Begin Public Trading

Spotify Sets April Date to Begin Public Trading

Company executives shared the news on Thursday during its first investor day.

Aside of its plans of expansion, Ek also reiterated the plans of Spotify to go public on April 3. "There's no underwriting syndicate, there's no limited float, no IPO allocations, and no preferential treatment for any investor".

In a response clearly meant to counter claims that Spotify is not paying artists sufficiently, Ek said the company's goal is to enable 1 million people to live from music. "It is our belief that the wisdom of crowds trumps expert intervention and that the market price for Spotify will find equilibrium through natural market forces".

He also confirmed that Spotify will announce financial guidance for Q1 2018 on March 26, the week prior to trading. In it, they set out their vision for the streaming music company ahead of its direct listing on the New York Stock Exchange next month. "We're not focused on selling hardware". CEO Daniel Ek told investors present at the talk: "For us, going public has never been about the pomp or the circumstance of it all".

Quarterback calls: Brees stays with Saints, Keenum to Denver
Surprisingly, Cousins will sign a deal with Minnesota who went 13-3 in the 2017 season, even making a trip to the NFC title game. The decision reportedly came down to the Vikings and the Jets, but he chose Minnesota quickly on Tuesday.

Head of R&D Gustav Soderstrom outlined Spotify's ubiquity strategy, opposed to trying to lock users into a "single platform ecosystem".

In a video explainer published on Spotify's investor page shortly before the event kicked off, the company said it is "well capitalized" and does not need to raise new capital through a public offering.

By now being baked into a wide range of third-party hardware through the Spotify Connect program, Soderstrom says Spotify gets a more holistic understanding of its listeners. How the entry of an established, global name like Spotify will affect the existing players in the space remains to be seen. He cheekily calls this "self-driving music".

Spotify CEO Barry McCarthy guided Netflix through its IPO in 2002 and drew comparisons between the two services at the presentation.

OPEC admits United States shale may crash oil price
We assume refining throughput will only partially meet the seasonal demand increase, with inventories filling the gap. In fact, the oil surplus only stood at 50 million barrels, while refined product supplies are actually in a deficit.

It is also rumoured that Google-owned YouTube is working on a dedicated music-streaming service. That's both on its platform, and using its targeting and analytics info to deliver efficient ticket and merchandise promotions elsewhere.

Spotify's success underscores the cultural shift in how we play and pay for music.

He went on, "Comparisons with our neighbouring countries show that in Belgium we are experiencing a slightly slower increase.We predict further growth of this service, in particular thanks to the strength of local artists".

Lyft pushes self-driving vehicle plans into overdrive with new platform partnership
They are also of the opinion that Lyft is concentrating immensely on the future of the self-driving technology. The two companies will share jointly created intellectual property and utilize Lyft data to improve systems.

Like this: