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Spotify touts future profitability as it announces trading to begin in April

16 March 2018, 01:20 | Gina Pena

Spotify Launches Music Streaming Service In South Africa

Spotify lands in SA

The long presentation - which actually took a 10-minute break after the first hour - featured cofounder and CEO Daniel Ek along with senior executives Paul Vogel, Seth Farbman and Gustav Sodorstrom dropping some key data points amid long speeches and artist-heavy videos plugging the company, its services and its future. Instead, it will allow existing stockholders to trade their shares on the public market.

With Spotify available on PlayStation Music, users can stream music on their PlayStation 4 while gaming.

But net financing costs of €855m ($1.05bn, £755m) pushed up operating losses to €378m ($465m, £334m) from €349m ($429m, £308m). However, McCarthy says he does see Spotify becoming a "money-making business" and investors should expect it to continue investing in growth at the expense of operating profit.

The company said its free tier, which artists and music labels at one time said devalued music, is used to bring in more users, glean data from them to improve products and then eventually convert some onto its paid tier.

With 71 million subscribers at the end of 2017, Spotify is the leader in streaming music.

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Tomas Otterbeck, an equities analyst with Swedish research firm Redeye, said he was impressed by McCarthy repeating the idea that "We are playing a market share game" and that Spotify could reach 100 million paying subscribers by early next year.

In an unusual move, the company is not issuing new shares as in a traditional initial public offering.

The independent service is jockeying against efforts from Apple, which has 38 million paid listeners and eschews advertising-supported services.

However, according to Reuters estimates the business is valued at roughly $19bn. They also revealed that Spotify would provide full-year financial guidance on March 26.

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