Soul trader: Spotify goes public
~ sole trader 个体户
~ soul, music is the food of soul
Shares in the Swedish music-streaming service will begin public trading this morning in a highly unusual direct listing on the New York Stock Exchange.
Spotify opted against a conventional initial public offering.
- opt against 反对
- initial public offering, IPO
Instead existing shareholders will unload some of their own equity onto the open market, giving insiders an opportunity to cash out while also setting a market value for the company (possibly $20bn).
- equity （公司的）股本
All this means it is unclear how many shares will even change hands.
- change hands 转手
This is a rare chance for Wall Street to engage with a music-streaming service, and there is no doubt that sellers will find eager buyers.
Spotify has changed the way people listen to music.
It has 71m paying customers around the world, about twice as many as its nearest competitor, Apple Music.
It is risky—the firm loses hundreds of millions of dollars a year, and has well-funded competition in Apple and Amazon—but many investors will chance it.
- chance 冒风险