Spotify kicked off its debut on the New York Stock Exchange (NYSE) by trading and opening at $166 a share. This valued the world's most popular music streaming service at $30 billion market capitalization.

This is within the range of valuation as expected by analysts who for many months reported that based on some of Spotify's private trades in shares it could be valued anywhere between $18 billion to $44 billion. A significant jump from a rumored 2015 valuation of $8 billion.

Earlier in March 2018 when Spotify confirmed its IPO date, Paul Vogel, Head of Investor Relations at Spotify, also added that the IPO will be a direct listing explaining that it was more “transparent and more accessible to a wider range of investors” as compared to a traditional IPO.

As part of its IPO, Spotify has registered to make available up to 55,731,480 ordinary shares on the NYSE. This is based on documents the company filed with the US Securities and Exchange Commission (SEC) in March.

What is interesting is that as Music Business Worldwide reports, Daniel Ek, CEO and Co-Founder at Spotify, owns 28.4% of the registered and saleable shares, with Martin Lorentzon, Co-Founder at Spotify, owning a further 38.9%. This means that the Co-Founders hold a significant 67.3% worth of Spotify's registered shares.

It's important to emphasize, however, that these are registered shares and not ordinary shares. For example, Ek holds approximately 50 million ordinary shares in Spotify and has registered only 15,84 million of them. The total number of ordinary Spotify shares stands just above 150 million.

A company that is likely smiling after Spotify's debut on the NYSE is probably Sony Music. Sony along with two other major recording labels own approximately 10% to 15% of Spotify ordinary shares. After the closing bell at the NYSE, Sony is probably sitting with Spotify shares now worth $1 billion, music to their ears.