Spotify deals for an interest in going public, Spotify announced that artists will be able to make albums temporarily exclusive to the Premium service if they are part of Universal Music Group or Merlin Network. On 28 February 2018, Spotify filed for a direct listing on the New York Stock Exchange. Spotify's shares began trading on 3 April 2018. Spotify operates under a freemium business model (basic services are free, while additional features are offered via paid subscriptions). Spotify generates revenues by selling premium streaming subscriptions to users and advertising placements to third parties. In December 2013, the company launched a
Rdio and the aggregators BFM Digital, Catapult, CD Baby, Finetunes, INgrooves, and The Orchard. Rdio also offered social networking features, such as the ability to share songs, albums, and playlists with others on Rdio and social networks such as Facebook and Twitter. On November 16, 2015, Rdio filed for chapter 11 bankruptcy in which they had to pay $200 million and announced the sale of certain intellectual property to Pandora Radio. The purchase price is $75 million in cash. Rdio was launched by Skype Technologies founders Niklas Zennström and Janus Friis on August 3, 2010. At the time they had to