Spotify share price drops on first day of trading

05 April, 2018, 01:24 | Author: Shannon Newton
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Spotify is displayed on the screen of an iPhone on Jan. 6 2017 in Paris

The New York Stock Exchange celebrated Spotify's stock market debut Tuesday with the wrong flag.

It used a "direct listing" on the New York Stock Exchange that allows the company's early investors and employees to sell as many shares as they want whenever they want.

The Swedish Stockholm-based company warned ahead of the listing that prices might be volatile. Sweden's flag is blue and yellow.

The service already hosts podcasts and radio shows, and it's easy to imagine Spotify will eventually venture into more exclusive content, akin to Taylor Swift's Spotify-only music video for her newest single, "Delicate". The company says it has received $776.7 million of that in cash (before fees), with the other $192.7 million going to insiders selling stock into the IPO.

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

Analysts' advice, however, is that companies are not to be misled by Spotify's first day on the market. And among the streaming households, nearly half subscribe to a music service, a high figure also internationally.

Spotify stock ended its second day of trading at $145.87 down $4.79 or 2.11%. "This approach will save the company money, but will probably lead to volatility when the stock starts trading, as the market tries to find a price it's comfortable with".

"Normally, companies don't pursue a direct listing".

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Spotify's founder and CEO, Daniel Ek, said in a blog post Monday that the listing wasn't supposed to be the most important day for the company. We don't know, for instance, if a certain firm sold or bought shares quietly several years ago. Becoming a publicly traded company is a major move for a company that, unlike its streaming-based rivals such as Netflix, has never been particularly profitable.

Spotify (spot) already has two revenue sources, collecting advertising sales from its free service and subscription revenue from its premium service.

In a recent regulatory filing, Spotify said that it had 159 million monthly users including 71 million paying subscribers.

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