Spotify valued at $30bn as it makes Wall Street debut

Lindsay Bennett
By Lindsay Bennett | 4 April 2018

Spotify has made its debut on the New York Stock Exchange, valuing the music streaming service at around US$30bn.

Shares opened at $US165.90 a share, up on the estimated valuation of $23 billion when Spotify filed to go public in February.

Spotify opted to take a direct listing rather than pursuing a more traditional initial public offering of stock, which gave the firm's early backers a chance to cash in on its growth but was a big gamble for the brand.

As of the end of last year, Spotify had 159 million active monthly users and 71 million premium subscribers - double that of its closest competitor, Apple Music.

Spotify's first-day valuation ranks among the 10 largest for a technology company's debut, behind firms including Facebook and Alibaba.

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