Spotify touts growth over profits ahead of April 3 stock market listing

Apple Music hits 38M subscribers closes gap with Spotify

Because the company will not issue any new shares, it did not specify a listing price.

"So you won't see us ringing any bell or throwing any parties, and despite the enormous respect I have for the New York Stock Exchange in this process, I also won't be on the floor doing any interviews", he said.

The disclosure by the world's biggest music streaming service came as it made its pitch to investors in a public webcast ahead of the initial public offering (IPO).

Mr Ek said: "Since Spotify isn't selling any stock in the listing, we're really entirely focused on the long-term performance of the business". Instead, it will allow existing stockholders to trade their shares on the public market.

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Spotify, in a filing to US regulators, said that it had a 42 percent share of the global market in streaming in revenue terms in 2016.

Chief Financial Officer Barry McCarthy, the former long-serving CFO of streaming video giant Netflix Inc (NFLX.O), said Spotify's strategy was to prioritize growth before short-term profitability, and that greater scale would enable profit margins to swell. Cue noted that Apple Music has hit 38 million paid subscribers - an increase of two million since the company reported last month. The company plans to release additional investor guidance on March 26, according to Variety, which attended the lengthy presentation.

The Spotify service allows for personalisation, so fans can find the music they love easily, while helping them discover new music and artists to love, based on their taste and listening patterns.

With a worldwide community of more than 159-million, Spotify offers users the choice of a free ad-supported service, or an ad-free Premium subscription service that comes in at R59.99 per month.

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