Spotify's public listing shows its ambition – but won't help struggling musicians
Digital music and audio | The Guardian 2018-04-04
Summary:
As it floats on the stock market, Spotify has been talking up how empowering it is for artists – but this is a company that actually disenfranchises most of them
A company that closed its first day of trading with a valuation of $27bn, making it one of the largest technology company public offerings in the history of the New York Stock Exchange. The market leader by a country mile, with more than double the number of subscribers of its nearest rival. The primary reason the recording industry is, after 14 painful years, slowly rolling into the recovery position. A miracle worker.
The frothing coverage of Spotify’s direct listing on Tuesday has been almost exclusively about what it means for Spotify, its employees and the assorted investors who have held their nerve despite the company racking up losses that run into the billions. But there was little talk of what it means for the musicians and songwriters increasingly reliant on the service for their income.
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