The team won't even throw a party for itself to celebrate the milestone.
The interview, which was largely about media curation, took place shortly after the company announced its plans to acquire the digital magazine subscription service Texture. Advertising makes up only about 10 percent of Spotify's current revenue, and McCarthy said he would be "thrilled" if Spotify could pull in 20 percent of its revenue from ads, although he expressed some doubt about whether the company could hit that mark. Unlike traditional IPOs, Spotify will not raise new capital. 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. Spotify is still the undisputable lead in this market as well.
As part of its goal to reach as many people as possible, the music streaming service said its free, ad-supported tier would remain in place, even as almost 90% of its revenue comes from premium, subscription-based users.
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"You won't see us ringing any bells or throwing any parties". The lockup agreement is meant to help stabilize the stock by preventing employees and early investors from dumping shares immediately after a company goes public. "Since Spotify isn't selling any stock in the listing, we're really entirely focused on the long-term performance of the business". "That shouldn't stop just because our stock is more widely owned". "I don't think she's a Warriors fan", Cue said, jokingly referring to a 2017 incident in which he seemed to yell at the singer to sit down during the Golden State Warriors' NBA championship game against the Cleveland Cavaliers, for whom Rihanna was cheering.
As it paves its nontraditional path to go public via a so-called direct listing, Spotify said it would prioritize growth over profit and seek to differentiate itself and defend its leadership position in music streaming from a broad field of powerful competitors. It upended Pandora (P)'s business and has grown in spite of threats from larger rivals like Apple (AAPL) and Google (GOOGL).
Spotify, which Ek co-founded in Stockholm, has 71 million paying subscribers and 159 million total users. All the while Apple Music has begun its rounds since 2015. It brought in $4.99 billion in revenue in 2017, up from $3.6 billion the previous year.