Spotify’s IPO was both a success and an uncertain forecast for the future of music


Spotify’s initial public offering today was both a success and a tepid forecast for the future of music streaming. The company’s shares closed today at $149.60, up 12 percent from the initial reference price of $132, but down from a high of $165.90 when shares debuted on the New York Stock Exchange this morning. That gives the Swedish company a market valuation of around $26.6 billion. According to Reuters, Spotify shares slid from the opening high due to lackluster confidence in Spotify’s business model, which itself is a symbol of the future economics of the music industry.

Spotify’s unique IPO approach, called a direct listing and one typical of smaller companies in industries like biotech, involves selling shares direct to the...

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via The Verge - Tech Posts "https://ift.tt/2uM7u2c"

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