SAN FRANCISCO — Music-streaming pioneer Spotify is hoping to attract a new crowd of fans on Wall Street to help fend off a growing competitive threat posed by Apple. Spotify will expand its financial arsenal with an initial public offering of stock aiming to raise $1 billion. That figure could change as Spotify’s bankers assess investor demand for Spotify shares ahead of the IPO, a process likely to be completed early in the spring. The numbers revealed Spotify’s music-streaming service boasts 71 million subscribers, nearly twice as many as Apple’s rival service. The Luxembourg-based company lost 1.2 billion euros ($1.5 billion) last year.

Source: National Post February 28, 2018 21:11 UTC