Technology

Spotify goes back on their word

Spotify goes back on their word”

If Spotify's interest in a direct listing is genuine, it would also demonstrate that the Swedish company isn't in need of the kind of cash that is typically raised by issuing new shares and selling them via an IPO, said Santosh Rae, an analyst at Manhattan Venture Partners, a venture capital firm.

Other major streaming apps including Apple Music and Amazon Prime Music don't even offer a free on-demand streaming tier-their membership requires pay, unlike Spotify. That approach would be different from an initial public offering, the more traditional route hot tech startups use to go public and raise money at the same time. But The Wall Street Journal reports that Spotify will instead simply register its shares on a public market.

The last valuation of the company that was made public was $8.2 billion in June 2015.

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That would mark a departure from the typical IPO, in which new investors buy shares from the company or its early investors, or both, the night before they start trading.

At the same time, the smaller scope of a direct listing could fit Spotify's current needs. But if Spotify pulls of a successful IPO that isn't an IPO, perhaps more local companies will follow in its footsteps.

The news comes shortly after Universal Music Group officially signed a new, multi-year global licensing deal with Spotify - thought to be a vital step in the streaming company's journey towards attempting an IPO. "To that end, the long-term success of Spotify, and others like it, is essential to the ecosystem's enduring health".

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Last year Bloomberg reported Spotify meant to go public in the second half of 2017.

The streaming music company is weighing going public via a direct listing, according to the Wall Street Journal.

Contacted by AFP, Spotify refused to comment on the report. Spotify is still negotiating with the remaining two of the "big three" music labels, Sony Music and Warner Music Group.

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