Spotify Files to Go Public on Stock Exchange

Music-streaming giant Spotify filed to go public on Wednesday, and will begin trading on the New York Stock Exchange under the ticker name SPOT. Spotify currently has 71 million paying subscribers, a far cry from Apple Music’s 36 million subscribers, and 159 million reported monthly active listeners as of December. The company reported $4.99 million in revenue in 2017, which is a markedly steady increase from 2015 and 2016. Their filing to go public comes more than a decade after the company first was founded in 2006, and after artists like Taylor Swift have previously pulled their catalogs from the streaming service over a royalties dispute.