Spotify IPO set for April

by Dominic Parks March 16, 2018, 5:02
Spotify IPO set for April

The long presentation - which actually took a 10-minute break after the first hour - featured cofounder and CEO Daniel Ek along with senior executives Paul Vogel, Seth Farbman and Gustav Sodorstrom dropping some key data points amid long speeches and artist-heavy videos plugging the company, its services and its future. It also has 92 million users of its free, advertising-supported service, which it says delivers a constant stream of converts to its paid offering.

Spotify launched its music streaming service in South Africa, marking its entry into the continent, where smartphones are gaining momentum and telecom infrastructure is improving.

Pieter Swaelens speaking on behalf of BEA Music, said, "The peak of paid streaming music services has certainly not yet been reached in Belgium".

Spotify also warned investors it faces a variety of risks.

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.

Now the company boasts over 159 million monthly active users and 71 million premium subscribers, and is valued at nearly $20 billion. At the same time, net financing costs of 855 million euros pushed up operating losses to 378 million euros from 349 million euros. But it lost $461 million previous year.

That makes it the market leader, ahead of Apple with 38 million paying users.

Brutal Big 12 tourney could decide NCAA tourney fates
They looked slow and exhausted in the final minutes but managed to survive overtime because TCU missed a lot of free throws. Hopefully we get to watch Wade play on the national stage in the NCAA Tournament . "We don't have enough of that".

"The opportunity here is about growth for us and growth for everyone", Cue said, adding that a huge gap exists between the number of people who can afford to pay for music services and those who do.

Ek portrayed Spotify as an underdog not tied to a major technology company.

Because the company will not issue any new shares, it did not specify a listing price. Based on private transactions, it is valued at roughly $19bn, according to Reuters calculations. It said it plans for its shares to start trading April 3 and will provide financial guidance on March 26.

McCarthy spelled out Spotify's long-term operating targets for generating sustained free cash flow, with annual revenue growth between 25 and 35 percent and gross margin between 30 and35 percent - ambitious for a loss-making company.

He said it was not Spotify's mission to disrupt the music industry or replace anyone.

Will Spotify's IPO be a hit?

TOP News

Texas A&M women will open NCAA tournament vs. Drake
Prior to last season, Rhode Island had not been to the tournament since 1999 when they lost to Charlotte in the first round. If the Aggies win their first-round matchup, they will take on the victor of 2-seed North Carolina vs. 15-seed Lipscomb.

Miley Cyrus sued for stealing lyrics
May, who sings under the stage name Flourgon , sued Cyrus in a federal court in NY , according to The Blast . Flourgon's track never charted in the U.S. , and was released four years before Miley was born.

Shoes protest for child gun victims
The Centers for Disease Control and Prevention reports almost 1,300 US children under the age of 17 are killed by guns every year. The shoes are from family members of victims, as well as celebrities and others from across the country.

High Cardiovascular Fitness May Fend Off Dementia
A subsample of 191 women participated in an exercise test and were followed until December 2012 for dementia diagnoses. The study was supported by the Forte-Centre Aging and Health: Centre for Capability in Ageing (AGECAP).

CBS News Says Work Needed On Stormy Daniels Interview
The group claims it is an illegal campaign contribution because of the size and objective of the payment. Her attorney, Michael Avenatti said , "This has never been about the money".

In Campaign Form, Trump Extols Himself and a Struggling GOP Candidate
Finally, Trump announced his 2020 campaign slogan would be "Keep America great" since he had already "made America great again". TRUMP: Regulation, tax cuts, federal judges, a great, great Supreme Court . "These are campaign rally issues", Mnuchin said.

Apple's Worldwide Developers Conference Kicks Off June 4 in San Jose
If you are one and are registered with Apple as well, then head over to this link to sign up and apply for the ticket . This year's show, running through June 8th, will take place at the McEnery Convention Center.

Counter-terrorism police called in as Russian exile found dead in London
Glushkov worked in the 1990s for the state airline Aeroflot and Berezovsky's LogoVAZ vehicle company, according to media reports . In 1999, as Berezovsky fell out with Vladimir Putin and fled to the UK, Glushkov was charged with money laundering and fraud.

Bills to trade LT Cordy Glenn to Bengals
He was then placed on the season-ending injured reserve in Week 15 after being unable to play in five straight weeks before that. Buffalo also receives Cincinnati's sixth-round pick (No. 187) and the Bengals get the Bills' fifth-round pick (No. 158).

Tom Brady Believed Patriots Beating Jaguars Without Gronk Was 'A (Expletive) Miracle'
Brady didn't think he was going to be able to play against the Jacksonville Jaguars when it first happened. Brady's beer-chugging skills have always been a subject of astonishment from former Patriots teammates .