SAN FRANCISCO (AP) — Music-streaming pioneer Spotify is hoping to attract a new crowd of fans on Wall Street as its competition with Apple heats up.
Spotify is pursuing an unusual initial public offering that will sell some of its existing stock instead of issuing more shares to raise money. The strategy will make it easier for Spotify's existing stockholders to cash out of their investments while creating a potential new financial channel for the company.
Spotify took its first steps toward the IPO in a confidential filing a few weeks ago, but the documents weren't released until Wednesday.
The numbers revealed Spotify's music-streaming service boasts 71 million subscribers, nearly twice as many as Apple's rival service.
But Spotify still isn't profitable. The Luxembourg-based company lost 1.2 billion euros ($1.5 billion) last year.