Spotify Moves Closer To IPO With Hire Of Ex-Netflix Exec Barry McCarthy As C.F.O.
Don't expect Spotify's free tier to go away anytime soon. Despite public protests, the major labels, all of whom own stock in Spotify, will not do anything to hurt the music streamer. After all, they stand to gain handsomely when Spotify goes public. While no IPO date has been set, it appears to be getting much closer.
Spotify has named Barry McCarthy, a former Netflix executive who helped take that company to the public markets in 2002, as its new chief financial officer. McCarthy will step down from his role on the Spotify board.
McCarty left Netflix in 2010 and has served on the board of directors at Pandora. He is currently on the boards of Eventbrite and Rent the Runway.
Following the complex rules required to set a company up for its initial public offering (IPO) requires an experienced CFO, and the newly named executive fills that void at Spotify. Earlier this month, Spotify raised $526 million in new funding for a total of $1.1billion since launching 2008.