“Spotify officially opened at $165.90 this afternoon in its wildly anticipated public debut,” Evan Niu writes for The Motley Fool.

“The NYSE had set a ‘reference price’ of $132 in the morning, serving as a sort of guideline for investors that were lining up to place orders,” Niu writes. “Since there were no investment banks crunching valuation numbers or setting a price, the reference price is really just a recommended starting point that is based in part on recent trading activity in the private market. Spotify shares had traded as high as $131.88 in the first half of March.”

“At that opening price, which was driven by strong investor demand for Spotify shares, the Swedish company is valued at $29.5 billion,” Niu writes. “That puts trailing-12-month revenue in the ballpark of 4.3 billion euros ($5.3 billion), meaning that shares opened at a valuation of about 5.6 times sales. That valuation prices in optimistic expectations for Spotify’s future, even as Spotify has long been unprofitable thanks to hefty royalty costs paid to record labels.”

Read more in the full article here.

MacDailyNews Take: It’ll be interesting to see how that price holds up, or doesn’t, over time.

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

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Apple Music passes Pandora and Spotify in mobile usage – March 29, 2017
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Spotify CEO claims to be ‘ok’ with Apple Music – June 9, 2015