Spotify planning direct listing that stops short of IPO

Spotify planning direct listing that stops short of IPO

Spotify planning direct listing that stops short of IPO

According to Spotify, the new agreement will also provide UMG with "unprecedented" access to data, which it is expected to use to develop new tools to further its engagement with music fans.

Spotify, a rival to Apple Music, has yet to report a profit as it expands, but is under pressure from some artists who have boycotted the usually free service and needs to show investors it can generate cash as it considers a USA listing. According to the the Recording Industry Association of America (RIAA), in 2016, paid subscriptions generated significantly more revenue, at $2.5 billion, compared with only $469 million in revenue from free on-demand streaming services, including the free version of Spotify.

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"Spotify needs to create a strong narrative for Wall Street if it is going to IPO successfully". The Swedish company is targeting a public valuation of more than $10 billion, the people said. It's unclear whether a direct offering would satisfy the conditions of the loan. Instead, Spotify is considering a direct listing without raising any new capital.

Music streaming service, Spotify has signed a long-term deal with the world's biggest record label, Universal Music Group. Spotify could still choose to go with a traditional IPO, as the lack of precedent for direct listing could pose some risks for the company.

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While there was speculation earlier this year that Spotify's IPO may slip to 2018, going public this year remains a real possibility for the company, which has been watching the market reception for Snapchat's IPO among other indicators. The financial terms of the UMG deal are unsurprisingly private, but most reports are running with the assumption that Spotify has secured some kind of discount on its rates. And as of now, the service has only reached this "windowing" deal with Universal Music Group and not Sony, Warner or EMI.

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