Spotify opens at 165.9 USD

The Spotify IPO can be considered a success, as it opened with the price of 165.9 USD at the New York stock exchange yesterday. This way, the Swedish company is being valued at 30 billion dollar.

Spotify already made the initial request to go to Wall Street in February, where their stock was valued at 132 USD. They are the biggest music streaming platform with 71 million paying customers and a 4 billion dollar revenue. This being said, Spotify is still a loss-making company because of the high royalties and tech investments.

Source: DataNews
Picture: Reuters