A stock market listing has edged closer for Spotify as the music streamer has now racked up 60 million global streaming subscribers. The company has grabbed 15 million subs since the start of the year and is thought to be significantly outpacing rival Apple Music in terms of sign-ups.
Reports suggest Spotify is considering a direct listing on the New York Stock Exchange, enabling private stock to be traded publicly so that investors would be able to purchase Spotify stock from current owners.
brand-e reported in April that Spotify might be looking to go public on the news of a favourable deal with Universal Music Group that gave it better rates.
Consultancy MIDiA says saturation among 25-to-35 year-old music superfans is on the horizon in many western markets, and the next wave of music streaming adoption will be driven by widening out the base either side of that demographic.
“This means converting the fast growing adoption among Gen Z with new products such as unbundled playlists. At the other end of the age equation, it means converting older consumers— audiences for whom listening to music on the go on smartphones is only part (or even none) of their music listening behaviour. Car technologies such as interactive dashboards and home technologies such as Amazon’s Echo will be key to unlocking these consumers.”