The streaming service will trade on the New York Stock Exchange under the name ‘SPOT’
Spotify has officially filed to go public.
The streaming service revealed its plans today (February 28) in a filing with the Securities and Exchange Commission.
It’ll trade in the New York Stock Exchange under the name ‘SPOT’, with projections of its maximum public offering currently standing at £725 million ($1 billion). The Financial Times said that Spotify’s foray into the market “could be one of the biggest tech debuts this year”.
In the filing, Spotify declared that it had contributed hugely to reversing the downward financial trajectory of the music industry, while also arguing that music streaming would continue to be big business for the industry.
“Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators,” the filing said.
“We are transforming the music industry by allowing Users to move from a ‘transaction-based’ experience of buying and owning music to an ‘access-based’ model which allows Users to stream music on demand.”
The filing also reveals that the number of global Spotify premium subscribers stands at 71 million (as of January 1), while it is also estimated that 159 million people access Spotify each month. It also claims that Spotify holds a 41% share of the global market and 59% of the UK market.
Spotify also claims that it made £3.6 billion in sales in 2017 – a significant jump from the £2.61bn recorded in 2016.