>> Spotify's move to start trading its shares publicly on the New York Stock Exchange. According to Reuters calculations, it's valued at roughly $19 billion.
unched in 2008 and available in more than 60 countries, it's hoping to fend off competition from Apple, Amazon and Google. And it's dreaming big, comparing its aspirations to the reach of Facebook and YouTube.
With 71 million premium subscribers globally, Spotify has about twice as many paying customers as music streaming runner up, Apple. Laying out detailed financial data for the first time, the company's paperwork showed rising revenue and relatively steady operating costs. Some analysts however question how it will turn its success into cash.
The company has not yet turned a profit. By going head to head against Apple and Co, it's competing against companies that don't need to profit on music as a stand alone business.