This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Digital
Spotify boss says IPO not imminent
By Chris Cooke | Published on Tuesday 22 July 2014
Spotify boss guy Daniel Ek last week played down speculation that an IPO at the company is imminent, telling a Fortune Magazine conference in the US that “the primary thing for us is just growing the business”.
Various moves by the streaming music company in recent months have led many to assume that a flotation on probably a New York stock exchange was now on the agenda, to deliver early investors their kick-back from their involvement in the loss making music venture.
But Ek, probably rightly, noted that the time is not yet right for Spotify to be subject to quarterly scrutiny of figures and revenues by City types. According to Yahoo Finance, he mused: “I personally don’t understand the quarterly capitalism of Wall Street. I don’t think it’s good”.
All of which means an IPO will probably be announced tomorrow.
Elsewhere in Spotify news, the company’s VP for Europe, Chris Maples, has departed. He joined the digital firm in 2011, initially as UK MD running the London office and its sales and marketing operations. Having previously worked for Microsoft’s advertising business, Maples was a key player in helping the streaming service foster relations with the advertising sector which helps fund the freemium version of the music platform.
