Now, anyone can own a little piece of Spotify! The music streaming company opened up to the public yesterday (April 3) and ended it’s first day of trading on the stock market at $149.01.
Shares were originally offered at $132 each, opened at $165.90, and jumped to $169 before closing out the day with a value of $149.01. Although Spotify took a hit on its first day, it’s not in bad shape. The closing total gives the streaming company a total valuation of $26.5 billion, even higher than Twitter and Snapchat.
The company leads the pack when it comes to music streaming. While Apple Music is some seriously stiff competition, Spotify, with its 1 million paying subscribers and 159 million monthly listeners, has the edge for now. According to reports, Apple Music could surpass 36 million paid subscribers by this summer. We’ll see how it all plays out.
CEO Daniel Ek shared his thoughts on opening day, citing Daft Punk: “We have a lot to do — we are only in the second inning — and I’m more excited than ever for the future. Remember, tomorrow is just another day in our journey to fulfill our mission.”
Spotify’s mission is clear: “Harder, better, faster, stronger.”
With a mentality like that, we expect Spotify to do some big things!
Daft Punk – Harder, Better, Faster, Stronger
Source: Fact Mag