Spotify's IPO gave it a market valuation of $26.5 billion

Spotify — Tomorrow

Spotify Goes Public With An Estimated $30 Billion Market Value

The New York Stock Exchange on Monday set the reference price for shares of music streaming service Spotify Technology SA at $132.

Two American flags and one Swiss flag hung outside the stock exchange on the day of the music streaming company's initial public offering. Sweden's flag is blue and yellow.

So, Spotify is now SPOT on the New York Stock Exchange, having finally listed. Spotify's costs - including artist and record label fees - are greater than its revenue, although this gap is apparently narrowing, The Guardian notes.

The direct listing by Spotify was the largest on record, with Spotify now having a higher market value than Snap Inc.

It closed at $149.01, a drop of more than 10 per cent but still above the pre-trading reference point - and ending the day with a value of $26.5 billion. That places the Swedish company at a valuation of $25 billion, well above Reuters' estimate of $19 billion, and ranks Spotify as the third-largest tech IPO of all time, according to Dealogic.

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

"Spotify's going to have to get used to market volatility and getting dragged down (or pushed up) by other companies in their general space".

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 shares opened at $165.90 (£118), but by early this afternoon, the price had dropped 15 per cent to $140.

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE.

Amazon Music Unlimited has an estimated 16 million paying subscribers and Pandora has 5.48 million total subscribers.

Spotify has attracted 71 million worldwide subscribers so far and is aiming to increase that number to as many as 96 million subscribers by the end of the year.

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