Spotify CEO gives stock market the cold shoulder
Published: 13 Apr 12 15:42 CET
Despite a predicted turnover of six billion kronor ($887 million) in 2012, Spotify’s CEO Daniel Ek has revealed that a stock exchange listing is not on the cards for the Swedish online music company.
“We want to build this company for the long term. So the stock market is not an option for us,” he said to the Dagens Industri (DI) newspaper on Friday.
However, the public has been calling for such a change, and Spotify rates highly in terms of Swedish companies that people want to see on the market.
Net broking company Nordnet published a survey last week in which they asked Swedes which Swedish company they would most like to see on the stock exchange.
The results showed that Spotify came in second place, with Ikea taking the top spot; however these findings allegedly do little to sway Ek’s resolve.
“It’s certainly flattering that many people want to see us there, but I don’t have much time for quarterly report capitalism when it comes to the stock exchange,” he said.
According to the paper, Spotify lost 655 million kronor over the last two years, during which time the company brought in a 160 percent increase of earnings, to a value of 1.7 billion kronor.
Ek confirms that these figures sound “reasonable” and predicted that it “would not be unlikely” for Spotify to turn over more than six billion kronor in 2012.
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