Sony sells part of stake in Spotify

Spotify — Tomorrow

Before trading, previous financial disclosure showed that sony had 5.707 percent of Spotify's 178.11 million outstanding shares.

Shares opened at $165.90 on Tuesday - up almost 26pc from the reference price of $132 set late on Monday - and closed at $149.01. That was in line with informal trading on Monday, with shares changing hands at about $132, which would value the company at more than $23 billion.

The success of the direct listing could pave the way for other companies looking to go public without the aid of Wall Street underwriters.

The company is now valued at around $26.5bn, which is enough to put in the top 10 debuting technology companies of all-time, alongside Facebook and Alibaba.

Spotify is often credited for reversing a tide of declining revenue in the music industry and previous year, profits rose to their highest level in a decade, largely thanks to paid subscribers.

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Now, the service has 71 million paying customers, making it the most successful music streaming company to date, surpassing Apple Music, Google Play Music, and Tidal among others. Get access now (free). However, Apple doesn't rely on paid subscribers to earn a profit for Apple Music, as it has a huge retail family and consumer goods offering - products it can also use to push its streaming service to consumers.

Spotify's listing was not a conventional one as there was no IPO. It offered no further details of the transaction, but if it was made at Spotify's closing price of $149.01, the sale would be worth $260.5 million.

A banner with the Spotify logo on it is seen as the company lists its stock on the New York Stock Exchange. Revenue of $5 billion past year was up 39% from 2016.

Netflix has also set itself apart from its rivals in video streaming by spending billions on original programming such as "Stranger Things", and "The Crown". If the labels sell right away, they may be accused of prematurely cashing out; if they wait, they may be accused of holding on too long to money that they have said belongs to their artists.

While trading went better than expected for Spotify on its first day, the NYSE mistakenly hung up the Swiss flag instead of the Swedish flag in honor of the company's IPO.

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