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Spotify's CEO and Chairman, Daniel Ek, gave a live presentation to investors and would-be investors in NY. The company's SVP offered up some insight into the health of its music streaming service.

He also worked in a plug about Rihanna's recent passing of the 2 billion-stream mark on Apple Music, which was heavily touted over the weekend.

Amid his familiar wide-eyed predictions about the company's future, Ek confirmed that the service now has 71 million global subscribers, along with 3,500 employees and more than 35 million tracks - "but we're just getting started".

The music streaming service Spotify has told investors it can become profitable and fend off bigger rivals such as Apple and Amazon, as it announced its shares will begin trading on the NY stock exchange on 3 April.

Spotify also warned investors it faces a variety of risks.

The independent service is jockeying against efforts from Apple, which has 38 million paid listeners and eschews advertising-supported services.

The Swedish company, which was established in 2008 and now operating in more than 60 countries, is the largest music streaming company in the world and is competing with Apple, Amazon.com and Google services in the field.

The Spotify service allows for personalisation, so fans can find the music they love easily, while helping them discover new music and artists to love, based on their taste and listening patterns.

Apple Music is clearly a part of the company's connected home strategy as well, as the centerpiece of its HomePod smart speaker, which finally launched last month. At the same time, net financing costs of €855-million pushed up operating losses to €378-million from €349-million.

However, according to Reuters estimates the business is valued at roughly $19bn.

Spotify will be giving its first yearly financial guidance on March 26.

The company said: "Operating losses have grown with revenue, but the trend towards profitability is clear when you look at operating losses as a percentage of revenue".

Spotify filled a need for both consumers and the music industry, Goodwater said in a report, and that's why it's still around.