Will Spotify's IPO be a hit? We should find out in just a few weeks.
The music streaming service plans to launch its initial public offering on April 3, Daniel Ek, the music streaming service's CEO, said Thursday during the company's inaugural "Investor Day." The company plans to release additional investor guidance on March 26, according to Variety, which attended the lengthy presentation.
A Spotify spokesman later confirmed the IPO date.
Spotify is twice the size of Apple Music, its closest competitor in the streaming music market, the Sweden-based startup said last month in a regulatory filing for its IPO. Spotify commands about 42 percent of the market, with 71 million paying members and 159 million listeners who use the service at least once a month, the company said.
Spotify's success underscores the cultural shift in how we play and pay for music. Rather than buying music outright, like we did in the era of CDs and digital downloads, people are increasingly paying flat fees for all-you-can-access tunes.
Spotify will trade on the New York Stock Exchange under the symbol SPOT, listing shares worth up to $1 billion. The startup is taking the atypical route of a direct listing, offering new shares to trade in the open market without banks underwriting the offering.
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