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Spotifys supported initial trading on the New York Stock Exchange, but then recovered.
At 4:10 pm Tuesday, the stock had dropped 0.9% to $ 182.84. However, it is well above the opening price of just under $ 160 when the company started trading in April. (Watch the course here.)
Netflix, which reported Monday 5.2 million new subscribers in the second quarter against 6.3 million expected after half an hour of trading had dropped 10.6% to $ 358 per action. [19659002] Netflix's updated forecast predicts 5 million new subscribers in the third quarter, well below analysts' expectations of 5.9 million.
Spotify, whose turnover is essentially made up of subscription fees, has 75 million subscribers by the end of the first quarter. The company is now expecting 92-96 million subscribers until the end of 2018.
The streaming music market is not as fragmented as that of movies and televisions, where Netflix seems. Spotify and competitors like Apple Music and Youtube Music are relatively similar.
However, several analysts draw parallels between Spotify and Netflix. Netflix is notably the content manager of the Spotify board. The chief financial officer of the Swedish company, Barry McCarthy, previously had the same position on Netflix.
Recently, Spotify published a listing on the New York Stock Exchange after it went public in April. The largest share was 190 dollars with a market capitalization of about 291 billion Swedish crowns
Spotify quit its report for the second quarter on 26 July.
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