Ek, meanwhile, talked up the benefits his business has delivered and will deliver to the music industry, which has seen recorded music revenues go back into growth on the back of the Spotify-led streaming boom. The CEO won't do any interviews on the trading floor.
By directing what people listen to, Spotify becomes the new top 40 radio - the hit-maker. During the investor day, Ek also revealed the company licensed more than 35 million tracks and employed 3,500 employees. Unlike traditional IPOs, Spotify will not raise new capital. The listing won't include any new shares. Just a few months since then, Apple Music is now reporting a total of 38 million paying subscribers, and 8 million trial users.
Spotify's current valuation is now above $20bn, according to some recent private share trades between investors in the company.
"The traditional model for taking a company public just isn't a very good fit for us", Ek said during the presentation, eschewing a Wall Street look for a casual t-shirt, blazer and white sneakers combo. Instead, the company is going to skip the standard lockup period and begin listing directly on the NYSE under the ticket symbol SPOT. The lockup agreement is meant to help stabilize the stock by preventing employees and early investors from dumping shares immediately after a company goes public. Now over 30 percent of Spotify listening is based on its own programming through featured playlists, artists, and more. He says Spotify does "what's best for the user and not for the company, and trying to solve the users' problems by being everywhere". "There's no reason to dilute our existing shareholders to raise money we don't need".
The goal of this public offering, according to Spotify, is simply to "offer liquidity for shareholders".
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Even though Spotify hasn't officially launched in India, there are many people in the country (including me) who still manage to use this streaming service. It upended Pandora's business and has grown in spite of threats from larger rivals like Apple and Google.
Now the company boasts over 159 million monthly active users and 71 million premium subscribers, and is valued at nearly $20 billion. Revenue grew 39% to 4.09 billion euros ($5.04 billion) in 2017 from 2.95 billion euros in 2016, it said in a securities filing.
It's both selling music streaming services to listeners, and selling the tools to reach and monetize those listeners to musicians.
The service allows music-lovers in Kenya the ability to stream their favorite music from local and global artists, while providing a platform through which artists will be able to sell their music and make it available to consumers on a large scale.