Google has not mentioned how many subscribers it has to its music streaming service Google Play. Meanwhile, Amazon Music Unlimited has 16 million paying subscribers, and Pandora Media has 5.48 million total subscribers. However, after adding customers who listen to advertising-supported streams, Spotify has about 159 million monthly average users. Spotify has 71 million premium subscribers, whereas Apple has 36 million. Comparatives To CompetitionĬomparatively speaking, Spotify has about twice the number of music streaming paid subscribers as their closest competitor Apple. This debt would convert to shares upon an initial public offering.
This was driven mostly by financing costs related to a 2016 deal in which the company raised $1 billion in debt. Nonetheless, Spotify saw a net loss balloon to 129 percent in 2017. Meanwhile, operating-loss only increased from 349 million euros to 378 million euros during that period. For instance, revenue rose 39 percent from 2.95 billion euros in 2016 to 4.09 billion euros ($4.99 billion) in 2017. Analysts took the growing revenue and relatively steady operating costs as positives.
In the filing, Spotify laid out detailed financial data for the first time. Moreover, it considers services from Apple, Amazon, and Google as its main rivals.
As a matter of fact, Spotify is one of the largest music streaming companies in the world. Initially, Spotify was launched in 2008 and is currently available in more than 60 countries. However, based on private transactions, estimates conclude Spotify is worth around $19 billion. Furthermore, Spotify will not raise new capital in the process nor hire a Wall Street bank or broker to underwrite the offering.īecause the company will not issue any new shares, it did not specify a listing price. This is because it will offer a direct listing that will let investors and employees sell shares. The company is taking an unusual path to the U.S. Ideally, Spotify would trade as SPOT on the New York Stock Exchange. However, others questioned how the music service could turn a profit from its growing subscriber base. As a result, some analysts cheered the move. For the first time, the company will lay out its financial data. Music streaming service Spotify filed for a direct listing of its shares on Wednesday, February 28.
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