Washington, D.C –
Global streaming service, Spotify, made history on Tuesday after opening the stock exchange with unbelievable momentum. According to Reuters, the streaming service made the largest ever direct listing opening with shares as hight as $165.95.
Shares jumped a remarkable 26 percent from he $132 reference price that was listed by NYSE Monday. The company is now valued close to $30 Billion, a huge difference from it’s 2015 value of $8.4 Billion.
“We set out to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry,” said company representatives in February. “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.”
When asked about NYSE’s handling of Spotify instead of NASDAQ, NYSE President Thomas Farley had this to say:
People have asked me why @Spotify chose the @NYSE for this unique listing. The answer is simple: we excel at large, complex financial transactions like this. The NYSE market model allowed Spotify to confidently list their shares on the New York Stock Exchange
— Thomas Farley (@ThomasFarley) April 3, 2018
Congratulations to a platform that has helped the music industry thrive in its new day: Spotify. The company’s shares closed at nearly $150/share Tuesday and we can expect even more success for the company.