NEW YORK: Spotify soared Tuesday to a value of more than $26 billion in its long-awaited stock debut as the market delivered a ringing endorsement of the future of music streaming. Spotify opened on the New York Stock Exchange at $165.90 a share, giving the Swedish company a value of $29.5 billion. Spotify has helped change the way much of the world listens to music by popularizing streaming – unlimited, on-demand songs online. Thanks to the massive inroads of streaming, Spotify has managed to mollify critics, at least for now. But Spotify faces rising competition, most notably from Apple, which launched its own service in 2015 to seize a slice of the booming streaming market.

Source: New Strait Times April 03, 2018 23:26 UTC