Streaming giant Spotify is making a major business move by planning to go public really soon.
The company, which filed for an IPO, cites 159 million monthly active users and 71 million premium subscribers on its platform as of Dec. 31, 2017.
The move comes after Spotify saw a huge loss last year. While Billboard reports that Spotify earned 38 percent more in revenue last year with $4.99 billion dollars, their losses were high as well with $9.76 billion in the wind (which is a whopping 230 percent more than 2016’s $652.57 million). They were also recently hit with a $1.6 billion lawsuit for using 1,000 songs without a license.
Investing can be shaky business—especially when its largest product relies on record label deals. Because of this, Spotify warns any potential stockholders about the possible shortcomings in investing in the streaming platform.
“Our business may be adversely affected if our access to music is limited or delayed because of deterioration in our relationships with one or more of these rights holders or if they choose not to license to us for any other reason,” read a transparent statement from Spotify. “Rights holders also may attempt to take advantage of their market power to seek onerous financial terms from us, which could have a material adverse effect on our financial condition and results of operations.”
If you’re looking to invest, Spotify will be listed under SPOT at the New York Stock Exchange.
Editor: Jean-Pierre Dinnall
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