“Music streaming service Spotify filed for a direct listing of up to $1 billion with the U.S. Securities and Exchange Commission on Wednesday, becoming the first major company in the recent past to do so,” Reuters reports. “A direct listing is an unconventional way to pursue an IPO and will help Spotify list without the need to raise new capital or hire a Wall Street bank or broker to underwrite the offering.”

“Launched in 2008, Sweden’s Spotify is the biggest global music streaming company,” Reuters reports. “In its filing, the company said it has 71 million premium subscribers… By comparison, Apple Music, which was launched in 2015, has 36 million paying subscribers.”

“The company is seeking to list its ordinary shares on the New York Stock Exchange under the ticker symbol ‘SPOT,'” Reuters reports. “Revenue for Spotify, which is present in more than 60 countries, came in at 4.09 billion euros ($4.99 billion) in 2017, compared with 2.95 billion euros, a year earlier. Its operating loss widened to 378 million euros from 349 million euros a year earlier.”

Read more in the full article here.

“The company posted a loss of $1.5 billion in 2017, $1 billion of which was from a non-recurring expense due to convertible notes from a transaction with Tencent in December 2017,” Michelle Castillo reports for CNBC. “It had an operating loss of $461.3 million last year, and $425.9 million in 2016.”

“Spotify’s initial offering of shares will not be underwritten, meaning there is no set price set by underwriters which will inform opening trades on the New York Stock Exchange,” Castillo reports. “Goldman Sachs, Morgan Stanley and Allen & Company are advising Spotify on the offering.”

Read more in the full article here.

MacDailyNews Take: Roping in the suckers while the roping’s still good.

Tick-tock, Spotify. Tick-tock.

You’d have to be stupid to subscribe to Spotify when it has 33% fewer tracks than Apple Music for the same price. Apple Music boasts a catalog of 45 million songs; Spotify has a mere subset of just 30 million. Don’t be stupid. If you’re still subscribing to Spotify, it’s past time for you to cancel it and upgrade to Apple Music. (See also: How to move your Spotify playlists to Apple Music.)MacDailyNews, February 6, 2017

Spotify is a poor man’s Apple Music. The demographics in this race, as ever, greatly favor Apple in the long run. — MacDailyNews, January 3, 2018

Apple Music poised to knock off Spotify – February 12, 2018
Apple Music was always going to win – February 6, 2018
Apple Music on track to overtake Spotify, become No. 1 streaming service in U.S. this summer – February 4, 2018
Apple Music and Spotify now account for the majority of music consumption in the UK – January 3, 2018
Spotify files for its IPO – January 3, 2018
Spotify hit with $1.6 billion lawsuit from music publisher – January 2, 2018
Watch out Spotify and Apple Music, here comes Amazon – December 18, 2017
Spotify leads call for investigation into ‘troubling’ Apple and Google app store practices – May 5, 2017
Apple Music passes Pandora and Spotify in mobile usage – March 29, 2017
Spotify hits 50 million paid subscribers – March 3, 2017
Apple Music surpasses 20 million paid members 17 months after launch – December 6, 2016
Oh ok, Spotify listeners are upgrading to Apple Music – July 19, 2015
Spotify CEO claims to be ‘ok’ with Apple Music – June 9, 2015