Spotify has boosted the U.S. music industry stem its growth slide. In 2011, the music streaming service began in the U.S., but today Spotify made its debut on the New York Stock Exchange.
On Tuesday Spotify, under the ticker $SPOT, shares closed up nearly 13% to $149.01, gives the company a value at about $26.5 billion. Spotify goes public has been predicted as a way to return capital to early investors, but it comes with wariness from Silicon Valley and from Wall Street .
Spotify is a Swedish company, first available in Europe in 2008, has the largest global reach of streaming music services. It’s developed to 71 million paying subscribers and 159 million monthly active users. In the U.S. market share, Spotify claims 41%, outpacing the reach of rival music services from Apple, Amazon, Soundcloud, Pandora and Tidal.
According to some sources, Spotify dropped to No. 2 in the U.S. at some point in the third quarter — behind Apple Music — and it made an agonizingly high-profile misstep by attempting to ban from its playlists what it deemed artists who’d engaged in “hateful conduct” before it turned back the policy just days later.