Spotify Will Go Public On April 3

APPLE MUSIC

The music-streaming subscription service announced the timing at an investor day on Thursday (March 15), in a live-streamed hours-long event created to introduce the company to public market investors.

But net financing costs of €855m ($1.05bn, £755m) pushed up operating losses to €378m ($465m, £334m) from €349m ($429m, £308m).

The company's Head of Investor Relations, Paul Vogel, has just confirmed that Spotify will publicly list shares on the NYSE via an usual "direct listing" on Tuesday, April 3.

Barry McCarthy, CFO at Spotify spoke about the company's long term operating goals which includes the company targeting a revenue growth of 25 to 35 per cent. It also has 92 million users of its free, advertising-supported service, which it says delivers a constant stream of converts to its paid offering.

That makes it the market leader, ahead of Apple with 38 million paying users.

Apple, Spotify, Google and other services charge around $9.99 a month for music subscriptions. The executive suggested that around two billion people qualify as potential streaming music subscribers, possessing both the technological and financial access to get on-board.

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Apple Music is clearly a part of the company's connected home strategy as well, as the centerpiece of its HomePod smart speaker, which finally launched last month.

Company executives shared the news on Thursday during its first investor day. Based on private transactions, it is valued at roughly $19 billion, according to Reuters calculations.

The company said: "Operating losses have grown with revenue, but the trend towards profitability is clear when you look at operating losses as a percentage of revenue".

Spotify also will not rely on underwriters to help assess market demand and set an initial price for the stock.

The absence of Wall Street ceremony only adds to the unusual nature of Spotify's IPO. We have had the continent in our sights for a while and are finally able to offer South African fans access to all the music they already love on Spotify, while helping them to enjoy, discover and share new music from both local and global artists simply and easily", says Michael Krause, Spotify MD: "EMEA.

"There's no reason to dilute our existing shareholders to raise money we don't need", the company said in the video.

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