Music streaming company Spotify will start trading in the New York Stock Exchange on the 3rd of April. According to the company and Wall Street Journal the trading code in this direct listing will be “SPOT”.
Spotify is having about 159 million active users monthly and majority of the revenues comes from the premiun packages. The average revenue per premium user (ARPU) has declined to 5,32 euros last year from 6,20 euros in 2016.
Spotify´s revenue was 4,1 billion euros last year, up 39 % from year earlier. The loss was 1,24 billion euros, up from 539 million euros in 2016.
According to the company, Spotify is planning to increase its R&D team in London and make it a global R&D hub for the group. Spotify spokespersons comment that the car will be an important part of the company growth in the future, while 30 % of music listening will happen in the car. Spotify has also a venture with Tesla Europe.