Spotify Stock Struggles On Day 2, Live Nation Rises

Spotify — Tomorrow

Sony said in a statement that wholly-owned unit Sony Music Entertainment had sold 17.2 percent of its 5.71 percent in Spotify when it debuted on the New York Stock Exchange on Tuesday.

Staff at the stock exchange also hung the Swiss flag outside instead of flag for Spotify's native Sweden. Apple Music, the closest rival, in comparison has about 46 million subscribers.

During today's afternoon, the Swedish music streaming service Spotify is listed on the New York Stock Exchange.

Spotify's debut came on the heels of a steep USA equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday.

What's unusual about Spotify's direct listing on the stock market this week is that company insiders are not required to hold onto their shares - in what's called the lock-up - for an extended period of time.

Spotify will be hoping to replicate the market success of Netflix, its film and television counterpart, which has also prioritised adding users over profit margins.

Founded in 2006 as a free-to-use service funded by advertising, Spotify is now the leading music streaming service.

Fox is Offering to Sell Sky News Channel to Disney
It provisionally ruled that Mr Murdoch would have too much influence over public opinion if the deal went ahead as planned. Some Sky shareholders, frustrated by the delay, had already said Fox should increase its 10.75 pounds-per-share offer.

For artists, particularly smaller, independent acts, this serves as a chance to enter into beneficial agreements with the service even if they are not associated with a major music label.

In many public listings, and the investors pitch last month, Spotify has spoken about becoming a "platform".

Spotify went public with a so-called direct listing on Tuesday, cutting out Wall Street and its high fees, but missing some of that support system, as well.

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE. "Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment", Mr. Ek said in a statement Monday. While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.

Despite reporting a loss of $1.5 billion past year in the wake of profitability challenges, Ek remains optimistic about the future of Spotify.

Now, the service has 71 million paying customers, making it the most successful music streaming company to date, surpassing Apple Music, Google Play Music, and Tidal among others.

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