Spotify files for $1 billion IPO

Spotify, the world’s largest music streaming service, has filed for an initial public offering seeking $1 billion. The Sweden-based company co-founded by Daniel Ek, who has remained its CEO since its 2006 inception, and Martin Lorentzon has more than 71 million paying users as of December 2017. The company also enjoys an overall user base that includes ad-supported free listeners of 159 million, far outpacing the competition from Apple, Google, Tidal, and others. Spotify will trade on the New York Stock Exchange under the symbol “SPOT”.

Spotify will be offering a direct listing, meaning that its shares can be traded on the open market sooner than with a more conventional IPO, as Spotify doesn’t intend to raise a large amount of capital…

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