Once Sony and Warner Music sign on, that number could double.
That's apparently just for the two deals it recently signed with Universal Music Group and indie licensor Merlin. The filings released this morning also show that Spotify has agreed to more than $2 billion in minimum payments to record labels over the next two years. Investors can convert their debt to equity at a 20% discount of Spotify's IPO share price, and if there is no IPO within a year, their discount increases 2.5% every extra six months.Īdditionally, the new investors can sell their shares just 90 days after the IPO, well before the 180 day lockup for Spotify’s other investors and employees. For starters, Spotify must pay 5% annual interest on the debt, adding 1% more every six months for a total of up to 10%. That last #1 billion came with some potentially onerous terms, however. 27 In December 2016, Drakes just-under 36 million monthly listeners were overtaken by the Weeknd s 36.068 million. 26 In May 2016, Rihanna was overtaken by Drake with 31.85 million total streams. That put Spotify's pre-IPO total cash intake at $2.56 billion. In April 2016, Rihanna overtook Justin Bieber to become the biggest artist on Spotify, with 31.3 million monthly active listeners.
It has tripled its revenue in the past five years. In its 13th funding round, completed early last year, Spotify raised $1 billion, this time in debt funding from TPG, Dragoneer and clients of Goldman Sachs. Spotify revenue Spotify increased its annual revenue by 22 in 2021 to 9.66 billion. With losses like that, it's no wonder that Spotify went in search of cash last year and accepted difficult terms.
New filings show that in 2016,Spotify lost $601.4 million, up a troubling 133% from the $258 million that the music streamer lost in 2015.
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