Spotify Files to Go Public
The Swedish music streaming service has sent notice to regulators and potential investors of its debut on the New York Stock Exchange. The company says its value, estimated at more than $23 billion in private trading, lies in data analytics: More than 200 petabytes of listener behavior data powers tailored predictions for Spotify’s 159 million active monthly users. Although billed as an IPO, the company’s public appearance is really a direct listing, which could lead to more volatile prices. Meanwhile, Spotify said it plans to expand into podcasts and video.