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Spotify files to go public

The Sweden-based company co-founded by Daniel Ek and Martin Lorentzon is ready to test its business model on Wall Street.

The company will begin trading on the New York Stock Exchange under the ticker name ‘SPOT’. According to the company, shares have traded as high as $132.50 on private markets, which would give the company a valuation of over $23 billion, based on ordinary shares.

The filling order also included revenue numbers, which revealed that Spotify brought in almost $5 billion last year albeit with an overall loss of $1.5 billion.

Spotify is currently present in 61 countries and its platform includes 159 million monthly active users and 71 million premium subscribers.

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