Apple, Amazon and Google corporate rival have amassed a combined $402 billion in cash compared to Spotify’s 1.5 billion euro ($1.8 billion). A list of other formidable competitors that includes Google and Amazon also offer similar music streaming services, raising the specter of Spotify being wiped out by far richer rivals. It has 159 million total users, including people who are willing to listen to ads for access to free music.īy comparison, Apple’s nearly 3-year-old music streaming service has 38 million subscribers. Spotify has attracted 71 million worldwide subscribers so far and is aiming to increase that number to as many as 96 million subscribers by the end of the year. The good vibes surrounding Spotify stem from its early lead in music streaming - a still-evolving field trying to hook people on the idea that it’s better to subscribe for online access to millions of tunes than to buy individual albums and singles. His 27 percent stake in the Swedish company is now worth $7.4 billion. Spotify CEO Daniel Ek who founded the company, emerged as the day’s biggest winner. Chinese e-commerce company Alibaba Group holds the top spot at $234 billion after its market debut in 2014.
The performance left Spotify’s market value among the 10 highest ever recorded by a technology company following their first day of U.S. By comparison, internet radio station Pandora Media’s market value stands at $1.2 billion nearly seven years after that company went public.
The stock market’s warm welcome left Spotify with a market value of about $27 billion, according to FactSet.
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