Spotify to go public on April 3


Spotify Technology SA executives outlined their vision for the music-streaming company and dug into its financials, opening to the public a presentation that typically remains behind closed doors, as the company hurtles toward an April initial public offering.

With a worldwide community of more than 159-million, Spotify offers users the choice of a free ad-supported service, or an ad-free Premium subscription service that comes in at R59.99 per month. The startup is taking the atypical route of a direct listing, offering new shares to trade in the open market without banks underwriting the offering. Cue noted that Apple Music has hit 38 million paid subscribers - an increase of two million since the company reported last month.

Ek portrayed Spotify as an underdog not tied to a major technology company, describing a strategy to be a ubiquitous music service available across phones, computers, smart speakers and auto entertainment systems.

Executives also said they want any investor-rather than a curated group-to have the chance to buy shares on the first day.

Spotify said subscriber growth gave the company a clear path to profitability as revenue grew 39% to €4.09bn ($5.03bn, £3.61bn) in 2017 from €2.95bn ($3.63bn, £2.6bn) in 2016.

Brazilian politician Marielle Franco killed in drive-by shooting
Her death was confirmed by councilman Tarcisio Motta (PSOL), who said that "several indications point to an execution ". Franco's killing comes as the recent military takeover of security in Rio appears to be showing few positive results.

However, according to Reuters estimates the business is valued at roughly $19bn.

McCarthy spelled out Spotify's long-term operating targets for generating sustained free cash flow, with annual revenue growth between 25 and 35 percent and gross margin between 30 and35 percent - ambitious for a loss-making company.

The company's SVP offered up some insight into the health of its music streaming service.

Spotify could devour the $28 billion, advertising-driven radio market, he said. "Now it remains to be seen whether we will win, but that's the game we are playing", he said.