The highly anticipated shares of music streaming service Spotify closed down at $149 US on its first day of trading on the New York Stock Exchange on Tuesday after opening up at nearly $166. Spotify's public listing is being closely watched by other companies, because the Swedish company structured its offering to allow existing investors to sell directly to the public without listing shares of its own. Spotify, which was founded a decade ago, is the world's largest music streaming service and has more than 71 million subscribers. It, along with other notable music streaming services, have changed the way the music industry makes money by giving users access to large libraries of music. With no similar mechanism in the Spotify listing, it does expose the company's shares to a greater risk of volatility, Coffee added.

Source: CBC News April 03, 2018 17:15 UTC