That’s more than Twitter.
Spotify shares closed at $149.01 on the end of its first day of trading on the US stock market yesterday (April 3), valuing the streaming service at $26.5 billion – more than Twitter and Snapchat.
Shares opened at $165.90 at the start of trading – much higher than the initial $132 per share price set by the New York Stock Exchange on Monday – and climbed to a high of $169 before settling at $149.01.
The Swedish company used a direct listing method: instead of issuing new shares, early investors in Spotify were able to sell their existing holdings to cash in on the service’s growth over the past decade.
While Spotify has faced stiff competition from Apple Music over the past few years, it remains the market leader in music streaming with 71 million paying subscribers and 159 million monthly listeners across 61 countries. However, reports suggest that Apple Music isn’t far behind Spotify in the US and is expected to surpass 36 million paid subscribers globally by the summer.
The day before Spotify began trading on the stock market, CEO Daniel Ek published a post on the company’s website in which he quoted Daft Punk.
“We have a lot to do — we are only in the second inning — and I’m more excited than ever for the future,” Ek said.
“Remember, tomorrow is just another day in our journey to fulfill our mission.
“Harder, better, faster, stronger.”
While trading went better than expected for Spotify on its first day, the NYSE mistakenly hung up the Swiss flag instead of the Swedish flag in honor of the company’s IPO.