Spotify to Go Public on April 3

Apple Music hits 38M subscribers closes gap with Spotify

BEA Music stressed, "With downloads, which generate more than 9 million sales, digital now represents 54% of all music sales or more than €39 million, the converse of a year ago when sales of CDs, vinyl and DVDs had a 56% market share".

He also worked in a plug about Rihanna's recent passing of the 2 billion-stream mark on Apple Music, which was heavily touted over the weekend.

"So you won't see us ringing any bell or throwing any parties, and despite the enormous respect I have for the New York Stock Exchange in this process, I also won't be on the floor doing any interviews", he said. The service has 159 million users, with 71 Million of them being paid users. "We both have to grow by a significant amount in order to get to the numbers that we should be at".

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In its filing to list its shares, Spotify said its operating loss widened to 378 million euros ($465.32 million) in 2017 from 349 million euros. So maybe the growth is going to be a concern for Spotify pretty soon. A catalogue of over 35-million local and worldwide tracks is available to free users and subscribers.

The Swedish company, which was established in 2008 and now operating in more than 60 countries, is the largest music streaming company in the world and is competing with Apple, Amazon.com and Google services in the field. The company plans to release additional investor guidance on March 26, according to Variety, which attended the lengthy presentation. Advertising makes up only about 10 percent of Spotify's current revenue, and McCarthy said he would be "thrilled" if Spotify could pull in 20 percent of its revenue from ads, although he expressed some doubt about whether the company could hit that mark.

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