Spotify defies market trend
Spotify, a music, podcast and video streaming freemium services with basic features free with advertisements or limitations, launched on 7th October 2008, which provides DRM-protected content from record labels and media companies. Play songs, sync music, discover music and free albums with Spotify your go-to music downloader, listed its existing shares directly on the NYSE instead of opting for a public offering. Eventually, the opening price was $165.90 ( £118) per share which later slided to $156, significantly higher than its initial $132 reference point. A 26 per cent boost values the group at $29bn.
In private trades in recent weeks, Spotify whose founders Daniel Ek and Martin Lorentzon sold shares from $90 to $132.50 each. Spotify’ s financial adviser Morgan Stanley and Citadel Securities, the designated market maker on the exchange floor, worked on matching buying interest and determined the opening price.
“Our focus is not the initial splash. Tomorrow is just another day in our journey” Daniel Ek CEO.