Spotify posted great market dominance as they hit the New York Stock Exchange. The streaming company managed to shrug criticism as they ended on a positive note on their first day of trading. The company managed to offset some of the session’s losses, finishing with a total of 13% increase tallied on the boards.
The streaming company’s unconventional entry on the stock market garnered quite the criticism. Spotify’s shares were trading on a stellar session, even dipping to relative lows and even hitting magnificent highs.
The company is trading under the ticker symbol SPOT. This has been a decade in the making, with a whopping 159 million monthly active listeners as of December.
Spotify’s first day managed to attract new investors as they completely trample the market. The unconventional listing also manages to create a decent following as figures from the previous session were tallied.
The company chose to enter the New York Stock Exchange without any underwritten by any banks. This managed to garner positive and negative comments as they hit several headlines. The streaming company also purposely didn’t set a debut price.
Spotify’s Dominating Market Performance
The streaming company managed to push the boundaries with their impressive run. They managed to hit a 13% increase at $149.01 from the reference price of $132. The session ended making the biggest streaming platform in the world valued at $26.6 billion.
Spotify can still hit a massive high anytime this week as it managed to peak at relatively high figures. The company’s shares managed to hit $165.90 in the previous session, a massive 26% increase in the reference price.
On the bleaker side, the dominant first-day trading isn’t a sure sign that the company can bolster. The previous tech IPOs showed great opening performance but managed to struggle on the succeeding sessions after.
A fair example is Snapchat. The social media platform managed to keep a great start in the stock exchange but ended struggling after fiercer competitions in the market. A similar scenario may hit Spotify as rising competitions such as Apple Music are slowly gaining a decent chunk of the market.
Several competitions such as Alphabet’s Google Play Music and the rising Amazon Music Unlimited. These companies are looking to bite a sizable chunk of the music streaming market, but are still well behind Spotify’s 71 million premium members.
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