Tuesday, 28 March, 2017

Spotify Moving Headquarters to 4 World Trade Center, Governor Says

FilmMagic FilmMagic
Sammy Stanley | 17 February, 2017, 00:28

Spotify, a digital music service, is relocating its US headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South.

The company will occupy 378,000 square feet in the new Fumihiko Maki-designed building owned by Silverstein Properties.

New York governor Andrew Cuomo said at an event in New York City, "We are proud to welcome Spotify to 4 World Trade Center and to have the future of music be a part of the bright future of our dynamic tech community". It will vacate its current headquarters at 620 Ave. of the Americas in Chelsea, owned by RXR Realty. Governor Andrew Cuomo said in a press conference that 832 current jobs will also be saved by Spotify's decision to stay in the city, where it is now based in the Chelsea neighborhood. With the option, the 2.3M SF is fully booked, Silverstein said.

Spotify's move joins a growing number of media and tech companies that have migrated to the WTC and Lower Manhattan, including Conde Nast in the neighboring One World Trade Center. He says Spotify's expansion highlights the city's growth as a hub for technology and innovation.

Spotify now has offices in midtown Manhattan. Spotify's decision to expand their headquarters in NY has already drawn a good bit of praise.

Cuomo also picked a range of songs with New York themes including Empire State of Mind by Jay Z and Alicia Keys, U2's Angel of Harlem, Bob Dylan's early song Talkin' New York and the original version of Downtown Train by Tom Waits.

Spotify is reportedly considering a potential USA stock market listing.

The privately held music streaming service is headquartered in Stockholm, Sweden.

Spotify was launched by Swedish-based Spotify AB in 2008. Spotify will soon be neighbors to other big brands in the building, such as the Lower Manhattan outpost of Chef Mario Batali's Italian food emporium Eataly.

Still, the majority of Spotify's users listen for free with commercial breaks. The company reported an operating loss of 184.5 million euros ($195.5 million) in 2015, up from 165.1 million in 2014.

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