Spotify has effectively made its very first sale of stock available to the public, with the Security and Exchanges Commission on Wednesday (Feb. 28). That's right folks, Spotify is now a publicly traded entity. Spotify will now be certified under the abbreviation SPOT, at the New York Stock Exchange.

In their presser, Spotify made claims of usership soaring over 71 million mark, nearly twice as much as Apple Music. The 1 Billion dollar IPO gives us an inside look at Spotify's financial structure. The billion dollar total is the collective sum of all transactions by all existing shareholders. The number is subject to change. Never the less the company is not issuing this IPO, in order to raise capital. They are simply trying to stay head above water.

Spotify's profit margins are still well below Apple Music because of licensing fees. Spotify is forced to endure these fees at the behest of music labels. The only solution in this industry is to control your own content. We'll have to see how this unfolds.

[via The Verge]