Spotify share price drops on first day of trading

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Spotify's opening act on Wall Street struck a chord with investors betting the unprofitable company's trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. "It's not manipulated or set by any puts and takes by banks or institutional investors", said Chi-Hua Chien, an early investor in Spotify who is now at San Mateo, California-based Goodwater Capital.

At $26.5bn at the end of the first trading day, Spotify ranks in the top 10 largest USA tech listings.

Inc. owned 5.7 percent of Spotify's total shares. However, Apple doesn't rely on paid subscribers to earn a profit for Apple Music, as it has a huge retail family and consumer goods offering - products it can also use to push its streaming service to consumers.

Though in music circles, more attention will focus on if and when the record companies decide to sell the equity they acquired in Spotify as part of their original licensing deals. Spotify now has a higher market value than Snapchat owner Snap, which went public previous year. That places the Swedish company at a valuation of $25 billion, well above Reuters' estimate of $19 billion, and ranks Spotify as the third-largest tech IPO of all time, according to Dealogic. Apple, on the other hand, has 46 million on its music service.

Spotify soared to a value of more than $26 billion in its long-awaited stock debut on Tuesday and achieved a valuation among the top United States tech listings. However, reports suggest that Apple Music isn't far behind Spotify in the United States and is expected to surpass 36 million paid subscribers globally by the summer.

Spotify (spot) already has two revenue sources, collecting advertising sales from its free service and subscription revenue from its premium service. The position makes Coleman's firm the fourth-largest holder of Spotify, following co-founders Martin Lorentzon and Daniel Ek and Tencent Holdings, filings show.

Spotify stock ended its second day of trading at $145.87 down $4.79 or 2.11%.

The company, with more than 71 million subscribers, is not raising any money through the IPO.

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