Spotify Stock Struggles On Day 2, Live Nation Rises

Otis Hoffman
April 5, 2018

The report has found that fraudsters are also hacking Netflix and Apple to glean user's private details and sell on subscriptions and accounts.

For the big labels, the question of whether - and when - to sell their Spotify equity ties in with a potential risk when it comes to dealing with their artists. "Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment", he said.

Chase Coleman's Tiger Global Management owns almost $2 billion of Spotify Technology SA, making it one of the biggest shareholders of the music-streaming company that started trading Tuesday.

The company's was listed with a price of 165.90 United States dollars per share, which is 26% higher than the reference price of 132 USD per share set by the NYSE on Monday.

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Spotify's debut came on the heels of a steep United States equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday. "Spotify has been a driving force in the turnaround of the US recorded music industry over the past few years".

Debuting on the New York Stock Exchange, Spotify shares will finally become publicly traded.

For its stock debut, Spotify hired Goldman Sachs Group Inc., Morgan Stanley and Allen & Co.as advisers and paid them about $36m in total.

The company, with more than 71 million subscribers, is not raising any money through the IPO. Verna added that Spotify's business model of combining advertising revenue with subscription fees for its on-demand streaming service has "proven to be the most popular" compared with such competitors as Apple and Pandora.

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Representatives of Universal, Warner and Merlin declined to comment, but no transactions related to those companies' stakes in Spotify have been announced.

Amid Spotify's methodical wait to list, MIDiA Research managing director Mark Mulligan called Tuesday "arguably the most anticipated day in the history of digital music". "At the same time we see limited pricing power as free alternatives will persist, and that is in the here and now".

Spotify's successful debut could pave way for other companies looking to go public without the aid of Wall Street underwriters.

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