The biggest day in the history of the streaming music business will be officially upon us in less than three weeks.
Spotify’s CEO and Chairman, Daniel Ek, is about to give a live presentation to investors and would-be investors in New York.
The company’s Head of Investor Relations, Paul Vogel, has just confirmed that Spotify will publicly list shares on the NYSE via an usual ‘direct listing’ on Tuesday, April 3.
Vogel said the company had taken the choice to float via a direct listing because it was “more transparent and more accessible to a wider range of investors”.
The news brings to a close mounting speculation on the floatation D-Day for Spotify, following the company’s filing of a preparatory F-1 document with the US Securities and Exchange Commission last month.
Spotify’s current valuation is currently above $20bn, according to some recent private share trades between investors in the company.
At that valuation, it is believed that the three major music companies (Universal, Sony and Warner) plus Merlin currently own Spotify shares jointly worth somewhere between $2bn and $3bn – thanks to a cumulative ownership stake covering between 10% and 20% of the streaming company.
Sony is the biggest industry shareholder with a 5.7% holding in Spotify.
Spotify’s F-1 revealed that it finished 2017 with 71m paying subscribers and 159m monthly active users (MAUs).
MBW will have more coverage from Spotify’s investor day in the coming hours.Music Business Worldwide
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