Music streaming platform, Spotify, debuted on the New York Stock Exchange on Tuesday (3rd April), and opened with shares as high as N59,694 ($165.95). The streaming service made the largest-ever direct listing, valuing the company at close to N107 trillion ($30 billion), according to Reuters.
“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,” the company said in its February filing. “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.”
NYSE president Thomas Farley addressed why his stock exchange handled Spotify’s listing as opposed to NASDAQ.
“People have asked me why @Spotify chose the @NYSE for this unique listing,” Farley wrote on Twitter. “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.”
With Spotify already in South Africa, one can only wonder when the world’s leading music streaming platform will come to Nigeria – a move which will not only further increase its market value, but also its subscribers.