The music streaming service, which started trading on the New York Stock Exchange on Tuesday, revolutionised the music industry with licensing agreements that make practically every popular album available to stream. Its closest competitor, Apple Music, only has 36 million subscribers, reported CNBC.
Spotify CEO Daniel Ek who founded the company, emerged as the day's biggest victor.
Sony Corp.is to record a gain of 105 billion yen (US $986 million) after Spotify's stock market debut on the New York Stock Exchange. The company instead chose to list existing shares directly on the stock exchange and cut out the underwriters who typically work to attract investors, set a price and stabilize the stock as it begins trading.
"Spotify's strong market debut shows that investors regard it as a healthy and promising business, and it's easy to see why", eMarketer analyst Paul Verna told FOX Business. According to Swedish online stock broker Nordnet, 14 percent of Swedes are interested in investing in the Spotify share.
Despite reporting a loss of $1.5 billion a year ago in the wake of profitability challenges, Ek remains optimistic about the future of Spotify.
As of December, Spotify revealed it had more than 71mn paying subscribers alongside 159mn monthly active listeners, driving its revenue that reached just short of $5bn in 2017.
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The good vibes surrounding Spotify stem from its early lead in music streaming - a still-evolving field trying to hook people on the idea that it's better to subscribe for online access to millions of tunes than to buy individual albums and singles.
Two American flags and one Swiss flag hung outside the stock exchange on the day of the music streaming company's initial public offering.
The unusual listing had added to the suspense over how Spotify would fare on the market as the company, while big on its cool factor, has yet to turn a profit.
Shares initially "popped" up to $165 (£118) on opening, way above its guide price of $132 (£93).
Normally, companies ring bells.
He expected more companies to follow Spotify's strategy in the future, taking their time to list on the market.