Spotify Confirms April Date for Public Trading
Artists on looking for Spotify Promotion may be interested in knowing when the massive digital distributor plans to go public. Well, wait no longer. The company announced during its investor day that its shares would begin trading as soon as April 3rd. Trading will be on the New York Stock Exchange. Spotify executives shared the news this past week during its first investor day. Executives also revealed that they would provide a full year financial guidance on March 26th.
Spotify is now 10 years old and leading the charge in digital music distribution. However, the company is forgoing the traditional IPO process in which bankers underwrite the sale of its shares. Because of this, Spotify is going to skip the standard lockup period and begin listing directly on the NYSE. The ticket symbol will be labeled as SPOT if you plan on keeping an eye out for it. As far as we can see, this should not affect any Spotify promotion results.
Spotify CEO and More…
Here is what the CEO had to say about going public. “For us, going public has never been about the pomp or circumstance of it all,” CEO Daniel Ek told the crowd gathered for the investor-day event or listening via live stream. “You won’t see us ringing any bells or throwing any parties.”
Daniel went on to explain, “the traditional model for taking a public company isn’t good for us” because he believes that it causes companies to focus on short-term goals. “The most important day isn’t our listing day. It’s the day after and the day after that,” he added.
The company was founded in Stockholm, Sweden. The mega streaming service boasts 71 million paying subscribers and 159 million users in total. Spotify promotion when done properly can grab a good chunk of these listeners. It brought in almost 5 billion in revenue in 2017, up from $3.6 billion in the previous year. However, lost $461 million last year.