The streaming service may be looking for new investors.
New reports have begun to emerge indicating that Spotify may be in the midst of opening up its shares to public investors. The streaming company is said to list its shares on the New York Stock Exchange, but is doing so in a unconventional method.
Spotify will reportedly use what is known as a direct listing, and won't have a share opening price according to Bloomberg. This effectively allows the average person a chance to purchase a piece of the company.
The company has revealed that private share sales, which have reportedly averaged for $90-$132.50 per share, "may have little or no relation to the opening public price of our ordinary shares on the NYSE or the subsequent trading price of our ordinary shares on the NYSE."
It has been estimated that the company's net worth has now reached over $23 billion, earning nearly $5 billion alone throughout the 2017 fiscal year. However, operating losses in 2017 reached a staggering $461.2 million, up almost $40 million from 2016.
Spotify has revealed that the company has paid out nearly $9.77 billion to rights holders by the end of last year, showcasing their continued commitment to the music industry and paying artists properly.