Spotify’s challenge is to prove it’s a real business, not a fantasy

Three months after quietly filing to become a public company, Spotify finally made its debut on the New York Stock Exchange Tuesday. It was a big day for the Swedish music-streaming giant, to say the least, and it ended up exceeding expectations from Wall Street analysts on its first day of trading. But for many investors, Spotify may not be the safest bet. In its IPO filing, it disclosed that it has incurred significant operating losses over the past few years, warning investors that it may be a while before it's able to generate profits on a sustained basis.

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