Spotify Valued at $29.5 Billion as Stock Begins Trading at $165.90 Per Share

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Spotify, Apple Music’s main competitor, this morning opened on the New York Stock Exchange at $165.90 per share, valuing the company at $29.5 billion.

When Spotify filed to go public in February, CNBC estimated the company’s valuation at ~$23 billion based on private trades that had reached as high as $132.50. Spotify used the $132 per share figure as its reference price, which would have given the company a $23.5 billion valuation.

As noted by TechCrunch, Spotify is not selling its shares on the stock market and is not raising money today. Its direct listing is instead a collection of transactions from existing shareholders selling shares to stock market investors.

Spotify employees are allowed to sell their shares right away, unlike with a traditional IPO, which could lead to volatility in the coming weeks.

As of December 31, 2017, Spotify had 159 million active monthly users and 71 million premium subscribers, which Spotify says is “double the scale” of Apple Music. Apple as of February boasted 36 million paying subscribers.

In an appearance on CBS This Morning, Spotify cofounder and CEO Daniel Ek today discussed the company’s public offering and a recent report from The Wall Street Journal suggesting Apple Music is on track to overtake Spotify in U.S. subscribers.

In response, Ek said that because Spotify is twice the size as Apple Music, the company “still has some room.” Ek said that he’s “very happy” with the growth that Spotify is seeing. The music industry, he says, is too big for Spotify alone.

“What we’ve found is that when we’ve got competition, it actually grows the market because more people are now talking about streaming. It’s easy to forget that just three years ago, even in the U.S., streaming wasn’t a thing,” he said.

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JioMusic, Saavn to merge in a deal valued at over US$ 1 billion

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Reliance Industries Limited (RIL) today announced that it has signed an agreement to for combination of Saavn with JioMusic. The combined entity is valued at over US$ 1 billion, with JioMusic’s implied valuation at US$ 670 million. “The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums,” said RIL. Reliance will also invest up to US$ 100 million (Rupee equivalent), out of which US$ 20 million (Rupee equivalent) will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world. The company will continue to operate the over-the-top media platform available on all app stores. The three co-founders of Saavn, Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive growth of the combined entity. In addition, Reliance is acquiring partial stake from the existing shareholders of Saavn for US$ 104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media and Bertelsmann among others. The combined entity plans to invest aggressively to accelerate growth that would benefit all aspects …
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Broadcom tenders offering valued at $130 billion for Apple legal foe Qualcomm

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After a weekend of speculation, Broadcom has tendered what will likely be a hostile takeover fight for Qualcomm, in an offering valued at $ 130 billion including debt.
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BMW Z8 owned by Apple’s Steve Jobs heads to auction, valued up to $400K

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A BMW Z8 luxury convertible once owned by Apple co-founder Steve Jobs is being auctioned at Sotheby’s in New York next month, where it’s expected to fetch between $ 300,000 and $ 400,000 or possibly more.
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Essential now valued at over $1 billion, before phone goes on sale

We are still on the verge of knowing when the Essential PH-1 will actually becoming available to the public. Even so, Foxconn’s filing for a $ 3 million investment into Essential has brought the company’s valuation to about $ 1.2 billion, breaking past the $ 1 billion barrier and pegging it as a “unicorn” in the tech industry. This is according to Bloomberg columnist Tim Culpan via Twitter. Essential was previously valued at $ 997 million in June following a short period of large investment backing. This was also around the time that executives were leaving the company. Essential PH-1… – Latest articles

Houzz will be valued at around $4 billion in a new funding round led by Iconiq Capital

The company expects to close a deal for a new $ 400 investment.

Houzz, the popular photo site used by homeowners to plan renovations, is finalizing a new funding round of $ 400 million that will value the startup at around $ 4 billion, a spokesperson confirmed to Recode.

The new investment is being led by Iconiq Capital, according to a person familiar with the deal. Iconiq is the high-powered, but low-profile investment firm that has managed money for the Silicon Valley uber-wealthy like Mark Zuckerberg and Sheryl Sandberg.

Past Houzz investors GGV Capital and Sequoia Capital are some of the firms pouring more money into Houzz in this round, this person said. Fortune first reported the size of the round and the valuation.

Houzz was founded in 2008 by CEO Adi Tatarko and her husband Alon Cohen, as an online destination for home and decor photos meant to inspire homeowners embarking on renovation projects. Put another way, it’s Pinterest with a narrower focus.

The company’s first revenue streams included advertising and paid listings, which allow contractors, designers and other home service providers to get preferred placement in front of local homeowners browsing the site.

Over time, Houzz also added an e-commerce marketplace where merchants can sell furniture and decor found in photos. The company makes a commission off of these sales, and a source told Recode that this is the fast-growing piece of its business.

With the new money, Houzz will have raised more than $ 600 million. And with the new valuation, it is getting increasingly hard to imagine Houzz getting acquired, versus pursuing an eventual IPO.

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Essential is the startup behind the Essential PH-1, and its latest financing round added $ 300 million to the bank accounts. Essential came to life from the tech incubator Playground Global. Rubin founded it after leaving its head of Android position at Google. Now he joins in the already stacked smartphone market with the Essential PH-1. Rubin also contacted SoftBank Group to include the startup in its $ 100 billion technology fund, but the deal collapsed after Apple joined the trust. With the latest financial boost Essential should have an easier time delivering the Essential… – Latest articles

Pinterest raised another $150 million and is now valued at more than $12 billion

The company has raised more than $ 1 billion since it was founded in 2010.

Pinterest has raised $ 150 million in a new round of funding. The new deal values Pinterest at $ 12.3 billion, according to a company spokesperson, up from a valuation of $ 11 billion when it last raised funding two years ago.

The round came from Pinterest’s existing investors, but the company is not saying which ones. Bloomberg first reported the news.

Pinterest says it plans to use the money to help build its new visual search technology, which lets users employ images instead of keywords to find things on the service. The money will also be used to help grow its user base outside the United States.

Around 40 percent of Pinterest’s users are in the U.S.

Pinterest has raised well over $ 1 billion since it was founded seven years ago. The company’s business is finally starting to pick up; it expects to make more than $ 500 million in revenue this year, a 66 percent jump over last year, and more than Snapchat and Twitter made in the years before their respective IPOs.

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