Now, anyone can own a little piece of Spotify! The music streaming company up to the public yesterday (April 3) and ended it’s first day of trading on the stock market at $149.01.
Shares were originally offered at $132 each, opened at $165.90, and jumped to $169 before closing out the day with a value of $149.01. Although Spotify took a hit on its first day, it’s not in bad shape. The closing total gives the streaming company a total valuation of $26.5 billion, even higher than Twitter and Snapchat.
The company leads the pack when it comes to music streaming. While Apple Music is some seriously stiff competition, Spotify, with its 1 million paying subscribers and 159 million monthly listeners, has the edge for now. According to , Apple Music could surpass 36 million paid subscribers by this summer. We’ll see how it all plays out.
CEO Daniel Ek his thoughts on opening day, citing Daft Punk: “We have a lot to do — we are only in the second inning — and I’m more excited than ever for the future. Remember, tomorrow is just another day in our journey to fulfill our mission.”
Spotify’s mission is clear: “Harder, better, faster, stronger.”
With a mentality like that, we expect Spotify to do some big things!
Daft Punk – Harder, Better, Faster, Stronger