Spotify looks to attract new fans through a unique IPO
Best music streaming app Spotify has gone with a unique strategy to attract new people on the Wall Street through the idea of its unique IPO. This is seen as the result of its growing competition with Apple.
The IPO is unique because Spotify is not issuing more shares in this IPO but it is selling a part of its existing shares. This idea is expected to create new routes of finance for the company.
It is also said that through this IPO, Spotify will attract new attention and news as it will be a publically trading stock. All these ideas are coming due to its growing competition with Apple and Spotify wants to get rid of the threats posed by Apple.
As per the details shared by Spotify, Estimated stock of worth $ 1 billion is to e trade on New York stock exchange and it is expected that the amount will be much higher than this.
Spotify is a music streaming service that has more than 71 million subscribers which is more than twice the subscribers of Apple.
It is seen that Spotify has been in losses and has been in bad financial condition, But till it has been always way ahead than apple.
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