Tiger Global among top Spotify holders with $1.9 billion stake

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Spotify is displayed on the screen of an iPhone on Jan. 6 2017 in Paris

Spotify listed on the stock market this week, with an unusual "direct listing" that resulting in shares of the music streaming service being up 12.9% on their first day of trade on the New York Stock Exchange.

Shares in music streaming service Spotify finished 13pc up on their first day on the NY stock exchange yesterday.

Spotify shares opened at $165.90, giving the Stockholm-based company a market value of nearly $30 billion. Sweden's flag is blue and yellow. Spotify's costs - including artist and record label fees - are greater than its revenue, although this gap is apparently narrowing, The Guardian notes.

According to Reuters, the direct listing was the largest ever.

Analysts' advice, however, is that companies are not to be misled by Spotify's first day on the market. If this works, many companies may use Spotify's IPO as a benchmark.

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Morris is feeling quite bullish on Spotify's future prospects, and he points to the fact that the streaming music service offers up "convenience, curation, breadth of content, and payment options" for users. On a comparable basis the Apple Music service has 46 million subscribers. However, Michael Carvin, Chief Executive of personal finance company SmartAsset, pointed out that this might be an exceptional case and warned other companies from being carried away by Spotify's success. The stock later fell, closing below $150 a share and giving the company a market value of almost $30 billion.

Spotify has helped change the way much of the world listens to music by popularizing streaming - unlimited, on-demand songs online. We don't know, for instance, if a certain firm sold or bought shares quietly several years ago.

Normally, companies ring bells. 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. It's not really been a good time for technology stocks, but on the day of Spotify's debut the Nasdaq closed up 1.06%.

While Spotify has faced stiff competition from Apple Music over the past few years, it remains the market leader in music streaming with 71 million paying subscribers and 159 million monthly listeners across 61 countries.

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