Spotify will make its stock available to the public just 3 weeks from now during the week of April 2nd, according to multiple sources. The music streamer has an investors day scheduled for this Thursday March 15th to continue its pitch to investors prior to its rare and risky direct stock offering.
Traditionally companies use banks to help set a stock price prior to going public. But Spotify has chosen to bypass that costly route and go direct to investors.
Spotify is the global leader in music streaming with 71 million paid subscribers and another 80 million using its free ad-supported tier. But the company also continues to lose money; and closest rival Apple Music is picking up steam with 38 million paid users, up 2 million in just the last month.