 |
| Spotify and its exit to bag without IPO |
That
Spotify constantly lives changing paradigms is something we already
take for granted, when Pandora began to be a living dead everyone
thought that Spotify was going to die but they lifted another round by
tripling the valuation of the previous one, when Apple Music was
launched everyone thought he was going to die but I raise another round
doubling the value of the previous and his growth rate remained superior
to that of Apple Music ... now , although the Internet market
constantly speculates with its IPO the Wall Street Journal reports that
they are considering a "direct listing" or an opening to the stock
exchange but without IPO.
What
is a way out of the bag without IPO? Simply buy a company that is
quoting and opens the purchase/sale of shares without intermediaries
banks or allocate a slot of actions in the market to raise capital ...
which, theoretically, is the benefit of an IPO.
In
the case of Spotify the idea of going out with a direct listing would
be to free investors and employees who can sell their shares to do so in
an open market and without falling into a secondary market that,
opinions on the sidelines, is less transparent than the public.
What
is the key to this "out of stock"? The last round of Spotify was not
for equity but a round of $1,000,000,000 convertible with a discount of
20% at the time of going out to bag that increases by 2.5% each semester
that is kept private the company ... this was exactly a year ago (I
remember the drawing of the explosive debt) and perhaps its exit to the
stock market to calm the lenders.
But
two details of this that I do not understand and that may be key, on
the one hand despite generating more than $2,000,000,000 a year is not
clear whether Spotify is profitable or not and as listed in stock will
have to make public all their numbers and liabilities what would make
Apple better access to see the reality of its only competitor ... on the
other hand, go out to the stock market and have to complete all The
regulations but without achieving box with which to compete against
Apple or Google or Amazon is not too much? Spotify is innovative but can
increase your war-chest This sounds weird to me.
Beyond that, today Spotify has agreements with the 3 stamps that control 72% of the music market, dominate the sector that generates the most revenue in the entire music industry and its growth does not stop ... I like the idea of an independent player able to go out in stock without depending on the advertising market [Oh, poor $ snap] or have to surrender to a giant
0 comentarios: