Leading music streaming service Spotify on Wednesday announced its plans to go public. The Stockholm-based streaming major will seek up to $1 billion, as it lists its shares on the prestigious New York Stock Exchange.
According to CNBC, the company reported revenue of $2.37 billion in 2015, $3.6 billion in 2016 and $4.99 billion in 2017. The Swedish company indicated that its paid subscribers are growing at an impressive rate of 46 percent annually while its monthly active listeners (MAUs) are increasing at 29 percent.
Spotify reported revenue of $2.37 billion in 2015, $3.6 billion in 2016 and $4.99 billion in 2017.
However, the report points out that Spotify suffered a setback last year with an operating loss of $461.3 million resulting in the the streaming giant posting a loss of $1.5 billion in 2017. "We have incurred significant operating losses in the past, and we may not be able to generate sufficient revenue to be profitable, or to generate positive cash flow on a sustained basis," the company said.
However, on a positive note, the company in its regulatory filing pointed out that it set out “to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry". Further, the company affirmed it, “was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans."
The streaming service said, it will begin trading on the New York Stock Exchange under the ticker name SPOT, soon after its registration statement is declared effective.