Spotify has just filed its long rumored initial stock fering seeking $1 billion from public markets. Unlike the tradition Initial Public Offering (IPOs), Spotify will sell some its existing stock instead issuing more shares to raise money.
The strategy will make it easier for Spotify’s existing holders to cash out their investments while creating a new channel for Spotify.
With more than 71 million subscribers worldwide, Spotify is the leading music streaming service versus both Apple Music and Amazon Music Unlimited.
Spotify will trade on NASDAQ using the stock ticker symbol SPOT.