Written by: Roshan Dwivedi
Swedish Audio streaming giant Spotify went public this week on the New York Stock Exchange and registered a smooth debut by ending up 12.9% on the first day.
Spotify’s share opened at $165.90, up nearly 26 percent from a reference price of $132 set by the NYSE. The stock ended the session at $149.01, thereby valuing the online streaming service at $26.5 billion.
Spotify has now captured approximately 42 percent of global market share and has about twice as many paid subscribers as Apple Music, the second largest provider.