Executives of Spotify announced on Thursday that the music-streaming company would start trading its stocks on the first week of April. The company will also provide a full-year financial guidance on March 26.
Daniel Ek, co-founder of Spotify, said that the company was focused on transparency and that his plan for the future is mainly focused on upgrading free users to premium, reaching scale on many platforms, and personalized data from users, who spend 49 minutes a day on the music-streaming platform.
The revelations of Spotify came ahead of its non-traditional public listing. The company is expected to forgo IPO traditions like underwriters and a lock-up period when the company was listed on the New York Stock Exchange.
Last year, Spotify had an operating loss of more than $460 million and revenue of $4.99 billion. As of December last year, the music-streaming company has 71 million paying subscribers and almost 160 million monthly listeners.
The shares of Spotify have traded as high as $132.50 on private markets.
Meanwhile, the shares of Pandora went down near 2 percent after the start of Spotify’s investor day.
Spotify is facing steep competition from rivals, such as Apple and Amazon. However, Ek stated that he felt the connection between artists and Spotify has been misunderstood, and been compared to some of the roles played by record labels over the years.
EK also added that he is hoping that the music-streaming company can support more jobs for artists by helping them established their work.
Despite having its revenue from its premium ad-free memberships, the ad executives of Spotify have noted that the music-streaming platform is not having any struggle with its advertiser trust.
“I think we could have done a better job of telling our story before today,” stated Ek.
“Music streaming has returned the music industry back to growth.”
Spotify’s Native Voice Assistant
Spotify is trying out its own voice assistant. The feature is available to some users through its iOS app and can be found inside the search bar.
With this new feature, Spotify users can now play music through a voice command.
Many Spotify users own voice-activated speakers, such as Sonos speakers, Google Home, Amazon’s Echo, and Apple HomePod. They are already used to commanding Spotify on what music they want to play or listen to on voice command.
Despite this, Spotify doesn’t seem to be satisfied on relying on third party assistants. Some speculations came out that Spotify is now preparing to build its own smart speaker to rival other voice-activated speakers.
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