Spotify set for New York IPO on April 3

Spotify_1_Daniel Ek

Spotify will begin trading on the New York Stock Exchange on April 3, just a week after the company plans to provide its most recent annual financial guidance. During the company's annual presentation on Thursday, Ek stated that, "We are working on launching in some of the biggest markets in the world, places like India, Russia, and Africa which has a very rich musical culture".

Recognising that their biggest global rivals at the moment are tech giants Apple, Amazon and Google, they also talked up how their platform was all about the music, rather than being - in part at least - a tool to sell other services or devices.

The company has previously alluded to the logic behind its decision - it wants to avoid giving any kind of preferential treatment to Wall Street and instead rely on ordinary investors to back its growth.

McCarthy said the company's free service is a necessary expense to gain new subscription users. But included in Spotify's library of videos is a tidbit outlining five reasons why it's choosing to list directly on the New York Stock Exchange (NYSE), as opposed to following a traditional IPO route. So far this year, the valuation has been calculated at $15.9 billion to $23.4 billion for the 2.8 million shares that traded. With no lockup period and no intermediary bankers, Spotify thinks it can go public without all the typical shenanigans.

"For us, going public has never been about the pomp or circumstance of it all", CEO Daniel Ek told those watching on or tuned in via a live stream.

Gustav Soderstrom Spotify
Gustav Söderström chief research and development officer emphasized that Spotify is a software company. Spotify

In a filing to U.S. regulators, Spotify claimed it had a 42pc market share of the global streaming space in terms of revenue in 2016.

Interestingly, Spotify and Tencent Music also entered an equity partnership last December. "The more they engage, the more likely they are to decide that pay music is for them", he added later. Spotify commands about 42 percent of the market, with 71 million paying members and 159 million people who use the service at least once a month, the company said.

Spotify is keen to paint itself as a good guy looking after the interests of its backers - existing and future.

"After a customer moves from the free tier to Spotify Premium, it takes 12 months on average for Spotify to recoup the costs of all the music they listened to without paying", according to Business Insider.

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