Recently valued at $13 billion, Sweden’s Spotify is planning a direct listing on the New York Stock Exchange later this year or in early 2018, sources informed Reuters in May.
Those two firms, along with Rhapsody and Rootmusic, are anticipated to be part of the launch, which is designed to make it easier to share music and hopefully win paying subscribers from Facebook’s 750 million customers. The company’s founders, Janus Friis and Niklas Zennstrom, invented one-time music business file-sharing nemesis Kazaa and communications service Skype. Rhapsody spokeswoman Jaimee Steele said the company would contemplate an promoting-supported service if the economics made sense, but added that there has been little evidence of that to date.
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