Published: Sat, January 06, 2018
Research | By Derrick Holloway

Spotify Content Chief Steps Down Ahead of IPO

Spotify Content Chief Steps Down Ahead of IPO

Music streaming service Spotify has filed confidentially with USA regulators for an initial public offering and is targeting a direct listing in the first half of 2018 that would allow some longtime investors to cash out, a source familiar with the matter said on Wednesday.

Spotify content chief Stefan Blom is stepping down from his role ahead of the company expected 2018 IPO.

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If Spotify, which was valued at as much as $19 billion a year ago, goes ahead with its plans, it would be the first major company to carry out a direct listing, an unconventional way to pursue an IPO without raising new capital. It has confidentially filed documents for IPO with the US Securities and Exchange Commission (SEC). Either a direct license from Wixen or a compulsory license would have permitted Spotify to reproduce and/or distribute the Works as part of the Service, including by means of digital phonorecord deliveries ("DPDs"), interactive streaming, and limited downloads. It had once proposed to allocate over $43 million as a fund to compensate the songwriters who were reportedly not paid with mechanical royalties, even when Spotify used the music they created.

On Tuesday, we learned that the Swedish content streaming service had been hit with a $1.6 billion lawsuit from a major music publisher. Goldman Sachs, Morgan Stanley and Allen & Co are helping arrange the listing, the source added. It was unclear how the lawsuit would impact the IPO plans.

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Late previous year - before these latest developments occurred - Reuters reported Spotify was being valued at around $16 billion.

In more good news for the industry, BuzzAngle Music said that 80% of audio streams came through subscription sites, as the music business encourages listeners to pay monthly rates rather than seek out songs for free online.

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