Spotify saves millions with unusual stock market debut

The New York Stock Exchange on Monday set the reference price for shares of music streaming service Spotify Technology SA at $132.

Spotify went public with a large base of paid subscribers. Sweden's flag is blue and yellow.

Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more! But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year.

Spotify took an unusual route to going public through the direct listing.

Analysts' advice, however, is that companies are not to be misled by Spotify's first day on the market. However, the company also envisions a future where independent acts will forego big labels and work with Spotify directly for distribution.

Mediavision research finds that over 60 per cent of Swedish households subscribe to at least one service for music or TV streaming.

Chinese space station Tiangong 1 ends in a fiery demise
China's Tiangong-1 reentered Earth's atmosphere at 17,000 miles per hour and crashed into the Pacific Ocean Sunday evening. Tiangong-1, translated to " Heavenly Palace 1 " or "Celestial Palace 1", was China's first prototype space station.

Juventus coach Allegri: Real Madrid showdown all about focus
We have positive and negative memories of Cardiff, along with everyone else. It all depends on the willingness of the forwards to drop back and help.

Egypt's Sisi re-elected with 97pc of vote
The result secures Mr al Sisi's position and his direction for Egypt, following the revolution that began in 2011. According to Egyptian state media , US President Donald Trump called el-Sissi to congratulate him on his victory.

Spotify owns about 9% of Tencent Music, a stake valued at €910 million ($1.1 billion), according to a regulatory filing with the US Securities and Exchange Commission. "This approach will save the company money, but will probably lead to volatility when the stock starts trading, as the market tries to find a price it's comfortable with".

Their music-streaming services are additive to their user ecosystems, which leaves Spotify essentially alone in the quest to design models to keep its business profitable.

Daniel is the Founder and CEO of Spotify, where he sets the company's overall vision.

The performance left Spotify's market value among the 10 highest ever recorded by a technology company following their first day of US trading, according to Dealogic.

Normally, companies ring bells. Its shares have revalued over 80% in the past year. "Spotify has never been a normal kind of company".

Spotify had 71 million paying subscribers and more than 159 million monthly active listeners as of December, positioning the service far ahead of its closest competitor, Apple Music, with just 36 million subscribers. Investors will most likely weigh the company's potential for growth, considering its 12-year streak of failing to turn a profit.