Spotify’s Wall Street Debut Is a Success - The New York Times

Impressive, although it started trading at a $29.5B valuation

"On its first day of trading on the New York Stock Exchange, the music streaming service finished with a valuation of $26.5 billion. The share price closed at $149.01, giving Spotify a market value similar to that of companies like M&T Bank and General Mills.

For the music business, Spotify’s listing on the Big Board symbolized the ascent of streaming as the new dominant format. It also represented some rare good news for an industry deeply affected by technological change. Buoyed by subscriptions from services like Spotify and Apple Music, record labels have begun to have significant revenue growth for the first time in nearly two decades, drawing attention from investors."

Spotify’s Wall Street Debut Is a Success - The New York Times