Spotify was valued at $30Bn at the new york stock exchange, which is more than global recorded music revenues ($15.7bn) announced by IFPI.
Spotify started trading on the New York Stock Exchange moments ago. And, after a few hours of behind-the-scenes buying and selling, its official debut public price has been revealed – $166 per share, resulting in a market cap worth approximately $29.6bn.
The news comes after months of speculation regarding Spotify’s official valuation, with analysts recently reporting that private trades of the company put its worth anywhere between $18bn and $44bn.
Spotify’s valuation stood at just $8bn as recently as May 2015, according to reports in the financial press at the time – meaning that this figure has more than trebled in less than three years.
Experts have warned, however, that some price volatility is expected in the wake of Spotify’s unusual ‘direct listing’ approach to flotation. Click here to read the rest