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Spotify, the world’s big­gest sell­ing music streaming ser­vice, ex­pects rev­enue to grow 20-30 per cent this year as cur­ren­cy swings slow the pace from 2017 and it gears up for one of Eur­ope’s most an­tici­pat­ed stock list­ings.

The Swed­ish com­pany said it ex­pected 2018 rev­enue of 4.9 bil­lion to 5.3 bil­lion euros ($6.1-$6.8 bil­lion), which would mark a slow­down from the 39 per cent growth re­corded in 2017.

For the first quar­ter, the com­pany fore­cast rev­enue of 1.10-1.15 bil­lion euros, up 22-27 per cent.

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Shares of Spotify Technology SA are set to begin trad­ing on the New York Stock Exchange on April 3 in an un­usual dir­ect list­ing with­out trad­ition­al under­writers.

The com­pany was val­ued around $20 bil­lion based on pri­vate stock trans­actions a­mong existing in­vest­ors and em­ploy­ees in Feb­ru­ary, ac­cord­ing to its fil­ing.

Loss-mak­ing Spotify, which is pri­or­i­tiz­ing rap­id growth over prof­its, said it ex­pected to have signed up be­tween 73 and 76 mil­lion pay­ing sub­scrib­ers this month, rough­ly twice as many as clos­est ri­val Apple has dis­closed. For the full year, it is aiming for 92-96 mil­lion pre­mium users, it said.

It ex­pects total month­ly act­ive users in March to num­ber 168-171 mil­lion, in­clud­ing those who use the ser­vice for free in re­turn for watch­ing ad­ver­tise­ments, up from 157 mil­lion at the end of last year.

Oper­at­ing loss­es should nar­row dur­ing 2018 to be­tween 230 and 330 mil­lion euros, the com­pany said, in­clud­ing 35-40 mil­lion euros in costs as­so­ci­at­ed with its stock mar­ket list­ing. In 2017, Spotify re­ported char­ges on debt fi­nan­cing drove up oper­at­ing loss­es to 378 mil­lion euros.

The 2018 sales fore­cast com­pares with the Stock­holm-based com­pany’s long-term tar­get for rev­enue to grow be­tween 25 and 35 per cent, which it spelled out for in­vest­ors ear­li­er in March.

Gross mar­gins for the first quar­ter are ex­pected to rise to around 23-24 per cent from 21 per cent for last year as a whole and pos­sibly reach 23-25 per cent in 2018 over­all. That re­mains well off its long-term tar­get of 30 to 35 per cent.

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