Spotify, the popular but massively loss-making music streaming service, has filed to go public on the New York Stock Exchange in a listing intended to raise up to $1bn.
At its current rate of losses, that should keep it going for just over two more years.
The Swedish music streaming company plans what is known as a direct public offering (DPO) via the US Securities and Exchange Commission, rather than seek an initial public offering, which would involved the expensive services of an investment bank, stockbroker etcetera.
As such, the move will involve selling existing shares held by investors and staff, rather than the sale of new shares. The DPO process means that there isn't an opening share price.
Instead, the company has indicated that internal share sales over the past year have ranged between $90 and $132.50, valuing the company at anywhere between $16bn and $23bn.
However, its SEC filings reveal that it hasn't made any in-roads into the colossal losses it habitually posts. These reveal that while the company posted an operating loss of $425 million in 2016, this increased to $461.2 million in 2017.
Revenues, though, increased from $3.6 billion to $5 billion between 2016 and 2017.
While the company claims total user numbers amounting to 159 million monthly active users and 71 million paying premium subscribers. Much of the money they bring in, though, goes straight back out to artists who complain that the company doesn't pay them nearly enough.
The company's SEC filing, though, skates breezily over such issues: "We set out to re-imagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry," it burbles.
The burbling continues: "Spotify was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans."
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