Spotify had a wimpy market listing, and that's okay

Shares opened at $165.90, up almost 26 per cent from a reference price of $132 a share set by the on the New York Stock Exchange late on Monday. On a comparable basis the Apple Music service has 46 million subscribers.

That means the $97.30 gain is exclusively to Sony, and was calculated after the company made royalty payments to artists and indie labels.

The day before Spotify began trading on the stock market, CEO Daniel Ek published a post on the company's website in which he quoted Daft Punk.

Spotify stock ended its second day of trading at $145.87 down $4.79 or 2.11%.

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In a direct listing, a company doesn't raise any money by issuing new shares, which is unusual for a first public offering.

After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139.

Spotify's debut came on the heels of a steep USA equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday. Perhaps that's a good starting point for the Spotify share to attract a broad group of investors domestically.

The music-, podcast-, and video-streaming company Spotify took a historic step as the company completed a direct listing, bypassing the traditional initial public offering and ditching Wall Street underwriters. However, Michael Carvin, Chief Executive of personal finance company SmartAsset, pointed out that this might be an exceptional case and warned other companies from being carried away by Spotify's success.

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Spotify shares closed 13pc on the reference price give ahead of its IPO yesterday.

So, Spotify is now SPOT on the New York Stock Exchange, having finally listed.

Their music-streaming services are additive to their user ecosystems, which leaves Spotify essentially alone in the quest to design models to keep its business profitable.

Spotify has attracted 71 million worldwide subscribers so far and is aiming to increase that number to as many as 96 million subscribers by the end of the year.

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What can we expect to see from Spotify?

  • Gina Adkins