Tuesday, 24 April, 2018

Spotify Founders Enriched to the Tune of $5.8 Billion in Listing

Spotify Swiss or Swedish? Whatevs says New York flies the wrong flag Spotify Goes Public With An Estimated $30 Billion Market Value
Kelvin Reese | 05 April, 2018, 00:42

Spotify's opening act on Wall Street struck a chord with investors betting the unprofitable company's trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. Dropbox ended the day of trading with a market valuation of around $9 billion (£6.3 billion). In contrast to their previous high of $132.50 past year, it shows the progress the privately-held company has been making. Investors had initially pegged the company's value at $30 billion when the market opened. That was in line with informal trading on Monday, with shares changing hands at about $132, which would value the company at more than $23 billion.

A banner with the Spotify logo on it is seen as the company lists its stock on the New York Stock Exchange.

The company is now valued at around $26.5bn, which is enough to put in the top 10 debuting technology companies of all-time, alongside Facebook and Alibaba.

Spotify CEO Daniel Ek who founded the company, emerged as the day's biggest victor.

This approach will save Spotify tens of millions of dollars in fees. Its biggest rivals are Apple Music - which dominates the digital downloads market - Amazon, Google, and smaller streaming services like the French company Deezer and Pandora and Jay Z's Tidal in the US.

Spotify's core business is online music streaming services that allow customers to play music through the internet.

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In 2005, more than 30 people died when another CH-53E helicopter went down in Iraq during a sandstorm, according to AP. Officials didn't reveal the cause of the crash but they say that during the routine mission it happen.

Netanyahu scraps United Nations agreement to send migrants to West
He added that that the government must "proceed to a new roadmap will remove the illegal infiltrators from Israel". A temporary order obtained by human rights groups had temporarily blocked the implementation of that plan.

TITLE GAME BOUND: Michigan Rallies Past Loyola (Chicago), 69-57
All year long, Wagner has given opponents headaches with his unique inside-out game, and that was the case on Saturday. "Wow. He became just the third player in history to score at least 20 points and pull down 15 rebounds in a national semifinal.

Citing people familiar with Spotify's plans, Recode reports that the idea isn't to cut out massive labels or compete with them by handing out recording deals to musical acts.

Spotify is pursuing an unusual direct listing to reach the public markets in place of an initial public offering, and shares are expected to start trading on Tuesday.

Less certain for investors, however, is Spotify's profitability.

The firm's market debut was steered by the current financial director, Barry McCarthy, who was behind the successful listing of Netflix in 2002. After losing 1.2 billion euro, Spotify has also made it clear that it intends to remain focused on adding more subscribers instead of making money for now. However, a direct listing would be extremely hard for companies who don't have the same name recognition as Spotify. The company skipped the traditional initial public offering process in favor of a route rarely taken by large, established companies.

Spotify shares closed at $149.01 on the end of its first day of trading on the U.S. stock market yesterday (April 3), valuing the streaming service at $26.5 billion - more than Twitter and Snapchat.

Normally, companies ring bells.

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