Spotify Files $1 Billion Initial Stock Offering
[UPDATE 3 ] Spotify has filed its long rumored initial stock offering seeking $1 billion from the public markets. Unlike the traditional IPO, Spotify, which will trade on the NASDAQ using the ticker symbol SPOT, is offering guidance of between $90.00 and $132.50 per share, based on recent private stock sales.
As part of the filing Spotify revealed that it had 159 million monthly active free users including 71 million Premium paid subscribers at the end of 2017.
The music streamer also reported almost $5 billion in revenue in 2017, up from $3.6 billion in 2016. Net loss for 2017 was $1.5 billion.
In the prospectus, Spotify took much of the credit for driving the current music industry turnaround, having paid some $9.8 billion to rightsholders since launching.
Check back for more analysis as we review the SEC filing, which you can read in full here.