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Spotify is having a banner year.
Not only have Digital Streaming Providers (DSPs) added Ten million Paid subscribers in the last quarter of 2022 (total 205 million paid subscription), but its stock price is 75% Since the beginning of the year, about US$147 per share in New York.
This represents a significant upturn for a company that, not so long ago, would have upset the stomachs of even the toughest investors.
After peaking around $364 Per share in February 2021, Spotify follows the downturn in the tech market, 79%to the bottom $75 Per share as of December 2022.
This means that the company’s market capitalization peaked around 2000. $70.5 billionbefore falling into some $14.5 billionthen the current market capitalization of about $28 billion.
Notably, the stock today is close to where it closed on the first day of trading in early April 2018. $149.01.
All in all it was quite a roller coaster ride. But who exactly owns the Stockholm-based company that revolutionized modern music consumption?
MBW is looking into Spotify’s latest SEC filing to find out.
By combining the “Statement Of Ownership” SEC filing with its 20-F annual report (all filed this year), Spotify ownership limit table today.
That cap table continues to be dominated by Spotify’s two founders, Daniel Ek and Martin Lorentzon, as well as a number of institutional investors.
These include investment management firm T. Rowe Price & Associates, investment firm Baillie Gifford, banking giant Morgan Stanley, and technology and multimedia giant Tencent Holdings (in part through subsidiary Tencent Music Entertainment). increase.
Not all the ups and downs in Spotify’s stock have terrified these investors.
Cap table exclusively by Daniel Ek and Martin Lorenzo
Overall, MBW was able to identify the owners of nearly two-thirds of Spotify’s shares through public documents.
At the end of 2022, Spotify’s sole largest shareholder was the company’s co-founder and CEO Daniel Ek. 31.93 million shares, or 16.5% View SEC filings out of total.
Ek owns most of the shares through a holding company. A company called DGE Investments, headquartered in Cyprus, owns most of Ek’s shares. DGE Investments is also owned by his Cyprus-based DGE Holding, whose sole shareholder he is Ek.
Over the years, Ek has gradually dwindled his stake in Spotify.he started 36.83 million shares, or 19.8% Dating back to 2018.
Along with the rise in Spotify’s value, the value of Ek’s stock has also risen significantly.From an initial evaluation of about $5.93 billion In 2018, his Spotify stock portfolio rose to the average stock price. $8.48 billion Before returning to average in 2021, $3.75 billion 2022.
At current prices and assuming no change in his ownership, Ek’s stake in Spotify is worth about $4.7 billion.
Meanwhile, Spotify co-founder and director Martin Lorenzo said: 21.51 million shares, or 11.1% Company-wide percentage at the end of 2022.
Like Ek, Lorenzo owns shares through two holding companies. Lorentzon’s shares are predominantly owned by Rosello Company Limited in Cyprus and owned by his Luxembourg-based company, Almatea, of which Rorentzon is the sole shareholder.
At Spotify’s average stock price in 2022, Lorenzo’s portfolio was worth it $2.53 billionat today’s price $147 per share, it is approximately $3.16 billion.
Lorenzo’s stock has been stable over the years, only marginally lower than its historical stock price. 12.7% He took control in 2018.
But those share numbers don’t tell the full extent of Ek and Lorentzon’s influence on Spotify. vote company stock.
Ek and Lorenzo were under control, according to the latest SEC filings. 31.7% and 42.6%respectively, representing the total voting rights of Spotify’s voting shares at the end of 2022.
It gave the duo a bond 74.3% total voting rights on Spotify
who else?
Spotify’s second largest shareholder and largest institutional shareholder is Edinburgh-based investment firm Baillie Gifford. 14.5% of the company’s shares at the end of 2022.
Baillie Gifford has been a major investor in Spotify since it went public in 2018, gradually increasing its share since 2018. 9.7% at the end of that year.
Notably, Baillie Gifford also owns 4.48% New York-listed Tencent Music Entertainment (aka TME, itself 52.5% It is owned by Tencent Holdings, according to TME’s latest annual SEC filing).
Owned by Tencent 8.6% Acquiring Spotify at the end of 2022 through various holding companies owned by either Tencent Holdings or Tencent Music Entertainment.
(The relationship between Tencent and Spotify is a web of joint ownership. Spotify and TME signed a deal in 2017, before Spotify’s IPO. purchase Ten% bet on each otherToday Spotify is one of Tencent Music’s largest minority shareholders, 8.2% Ownership. However, as part of that initial agreement, Ek have voting rights To Tencent’s stake in Spotify. )
Elsewhere, it is owned by New York-based investment management firm T. Rowe Price & Associates. 5.0% Spotify at the end of 2022
this is 9.7 million the stock would have been worth $1.14 billion At last year’s average price.
This suggests that T. Rowe Price’s stake in Spotify has dwindled somewhat. Held at the end of 2021 16.1 million shares, or 8.4% of total.
We see much the same at Morgan Stanley.
Owned by an investment bank headquartered in New York 4.4% Number of shares in Spotify, approx. 8.38 million The stock price at the end of 2022 is 6.3% Stake – About 12 million Stocks – End of 2021, according to SEC filings.
Of course, there’s another minority stakeholder in Spotify that we’re all familiar with, but whose name doesn’t appear in the streamer’s SEC filing: Universal Music Group.
The company ended its ownership in 2022, according to UMG’s own annual report published earlier this year. 6.49 million shares Worth it on Spotify 3.30Percentage of the streaming company’s total shares outstanding.
Universal’s stake in Spotify hasn’t changed since the music streaming company went public in 2018.
Unlike Sony Music Group and Warner Music Group (which sold some and all of their Spotify stakes, respectively), UMG has so far refused to sell its SPOT holdings.
However, through a Taylor Swift-themed announcement, Universal Music Group confirmed in 2018 that if it sold its stake in Spotify, it would pay the artist a portion of the money, ignoring any uncollected balance. .global music business
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