The Core

To me, this looks more like Hail Mary by the current backers than an orderly move to the equities markets.

Quotehas lost a cumulative €2.4 billion — or $2.9 billion — since its inception in 2006, according to the paperwork Spotify filed on Wednesday for a public offering.

Spotify has spent $10 billion on music royalties since its creation and it's a big part of why its bleeding money

http://www.businessinsider.com/spotify-has-spent-10-billion-on-music-licensing-and-revenue-since-it-started-2018-2

The Spotify IPO filing includes a giant warning sign

https://www.marketwatch.com/story/the-spotify-ipo-filing-includes-a-giant-warning-sign-2018-02-28

Music streaming service Spotify files to go public, lost $1.5 billion last year

https://www.cnbc.com/2018/02/28/spotify-files-for-ipo.html

>Spotify has spent $10 billion on music royalties since its creation and it's a big part of why its bleeding money

Gonna be tough to eliminate that problem.

Reviews get worse...

Spotify just proved that the streaming-music business is a like a black hole — and investors may not see it until it's too late

http://www.businessinsider.com/spotify-public-offering-shows-how-bad-streaming-music-is-2018-2