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Apple Music, the closest rival, in comparison has about 46 million subscribers.

Spotify's 35-year-old chief executive and co-founder Daniel Ek, in a blog essay before the stock listing, said his company had ample "room to learn and grow". 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%.

Spotify Technology SA shares surged following the largest-ever direct listing on Tuesday, giving the world's leading streaming music service a market value of almost $30 billion. According to Guggenheim Securities analyst Michael Morris, there's a clear path ahead for the company to follow. Spotify shares opened at $165.90 (£118), but by early this afternoon, the price had dropped 15 per cent to $140.

While trading went better than expected for Spotify on its first day, the NYSE mistakenly hung up the Swiss flag instead of the Swedish flag in honor of the company's IPO.

"Today's stock performance is no guarantee of future success, and it's important to remember that Spotify is not yet profitable and faces intense competition from more diversified players like Apple, Google and Amazon, all of which are pushing voice-activated devices that prioritize their own music services", Verna said.

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Personal details stored online are being hacked and then sold off - allowing the purchaser to access someone's subscription to Spotify for a tiny fraction of the above-board pricetag, says the Dark Web Market Price Index. If this works, many companies may use Spotify's IPO as a benchmark. Trading under the symbol SPOT, the Swedish company's losses grew to 1.235 billion euros ($1.507 billion) past year, its largest ever.

Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit.

Spotify (spot) already has two revenue sources, collecting advertising sales from its free service and subscription revenue from its premium service.

Around 30 million shares in the world's largest music streaming service, which has more than 140m active users, were traded on opening day. And it feels like the right time to pause and acknowledge the thousands of Spotify employees around the globe who helped build out the Spotify ecosystem while staying true to who we are and what we believe.

Normally, companies ring bells.