Earlier today Spotify, after months of speculation, officially filed to go public and become become publicly trade-able on the New York Stock Exchange where it will do so under the ticker name of SPOT. It supposedly wants to go public via direct listing at a $1 billion IPO.
The F-1 SEC filing revealed that Spotify now has 71 million paid users and 159 million total – growth rates of 46% and 29% year-on-year respectively. In addition, last year’s revenue was €4.09 billion, or approximately $4.55 billion in USD. They also incurred losses of €1.235 billion, or approximately $1.51 billion USD.
The filing also described their mission statement as follows. “Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.” They backed that up by pointing out that Spotify
made up almost half of global revenues from paid streaming to record labels in 2016.” The filing also noted that the music industry’s recent uptick in growth was driven by the growth of streaming platform with Spotify establishing themselves as the dominant platform and subsequently streaming as the music-consuming format of the future.
H/T: TechCrunch
