We reported the last month that Spotify was planning to go public this month, and now the firm has begun trading on the NYSE under the ticker name oF SPOT.
Spotify founder Daniel Eke eft a note for company employees on the firm’s blog, (excerpts below):
Tomorrow, Spotify becomes a listed public company on the New York Stock Exchange. And it feels like the right time to pause and acknowledge the thousands of Spotify employees around the globe who helped build out the Spotify ecosystem while staying true to who we are and what we believe. You make me proud to come in and learn and work alongside all of you.
Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years. So while tomorrow puts us on a bigger stage, it doesn’t change who we are, what we are about, or how we operate”
Like Eke says, now that Spotify is public, it’ll operate more like a traditional company. We’ll be able to know how many users have access to Spotify premium on a quarterly basis. Competitors will have this data to themselves, and we might see a change in the music streaming industry as everyone is themselves around Spotify’s learned lessons.
As Spotify expands to more countries and plans new hardware, it’ll be interesting to see where its stock goes over the coming year.