Patrik Siwek Spotify has been busy these past few weeks. Yesterday it became clear that the company is finally going to become publicly traded, that is, it intends to enter the stock exchange. And what better way to increase the potential value of your company before that step than by announcing how many paying users you have on Twitter. And that's exactly what happened last night.
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David Hanak The official Twitter account posted a short message yesterday saying "Hello to 70 million paying users". Its meaning is quite clear. We were basking in the summer sunshine when Spotify released its paying customer numbers last time. At that time, 60 million customers subscribed to the service. So there are 10 million more in half a year. If we compare these numbers to the biggest competitor in the business, which is undoubtedly Apple Music, Spotify is doing some 30 million better. However, some Fridays have also passed since the last publication of Apple Music paying customers.
Hello 70 million subscribers?
- Spotify (@Spotify) January 4, 2018
The timing of this news is convenient given that the company's initial public offering is fast approaching. However, the exact date when that will happen is not yet clear. However, due to the officially submitted request, it is expected sometime towards the end of the first quarter of this year. Before going public, the company needs to at least repair its reputation and future prospects, which have been badly damaged by legal battles with the labels of Tom Petty and Neil Young (and others). A whopping $1,6 billion is at stake in this dispute, which would be a huge bite for Spotify (more than 10% of the company's estimated value).
Source: 9to5mac
