NEW YORK, New York — The world’s largest streaming service Spotify officially filed paperwork for a public offering with the Security and Exchanges Commission on Wednesday (Feb. 28). The music streaming service will trade under the symbol “SPOT” at the New York Stock Exchange.
Among the information included in the regulatory paperwork, Spotify claimed a user base of 159 million monthly active users and 71 million premium subscribers as of Dec. 31, 2017.
Spotify is said to have earned €4.09 billion in revenue ($4.99 billion by Wednesday’s conversion rate), up more than 38 percent from the $3.6 billion it raked in during 2016. But its losses were up as well, totaling €1.235 billion in 2017 ($1.506 billion), up from the €535 million ($652.57 million) the year prior.
It also revealed €109 million ($133 million) in free cash flow last year. According to the documents, Spotify shares have between $90 and $132.50 so far this year on private markets. At that highest valuation, the company could be worth more than $23.45 billion based on ordinary shares outstanding as of Feb. 22.
Feels great to have the cat out of the bag. Transparency breeds trust.
— Daniel Ek (@eldsjal) 28 februari 2018