Tag Archives: Filing
Is there anyone who Amazon isn’t competing with?
In a recent regulatory filing, (amzn) Amazon added “transportation and logistics services” to the already long list of industries and services it views as competition. While Amazon relies on shipping partners, like USPS, UPS, and FedEx to help make deliveries, the disclosure signals that Amazon is getting serious about making its mark with its own delivery service.
“The worldwide marketplace in which we compete is evolving rapidly and intensely competitive, and we face a broad array of competitors from many different industry sectors around the world,” Amazon said in the annual filing.
Amazon’s shipping costs were $ 9 billion, according to its most recent earnings report. That’s a 23% increase from the previous quarter, but shows just how much customers value Amazon Prime’s free shipping options. Amazon has already taken some steps to build a delivery infrastructure to supplement its partners. The company leased a fleet of airplanes to carry cargo, has delivery vans, and has been piloting a “Shipping With Amazon” program, which entails drivers picking up packages from third party sellers and delivering them.
There has also long been speculation about whether Amazon, one of the world’s most valuable companies, might consider a surprise acquisition of a transportation and logistics competitor. UPS CEO David Abney said last month that while Amazon is a customer, he also sees the company as a competitor.
Amazon CEO Jeff Bezos has always been fascinated with finding ways to revolutionize delivery. He shared his vision for drone delivery in 2013. Bezos predicted it would be a reality by the end of 2018, however the program has hit regulatory snags in the United States. Amazon made its first commercial drone delivery in Cambridge, England in December 2016. They’re also deploying delivery robots. Last month, Amazon unveiled its new Scout delivery robot, which is making test deliveries in a neighborhood in Snohomish County, Wash.
NEW YORK/SAN FRANCISCO (Reuters) – Music streaming service Spotify has filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission (SEC) and is moving ahead with a direct listing in the first half of the year, a source familiar with the matter said on Wednesday.
If Spotify, with was valued at as much as $ 19 billion last year, goes ahead with its plans, it would make it the first major company to carry out a direct listing, an unconventional way to pursue an IPO without raising new capital.
It also mainly eliminates the need for a Wall Street bank or broker to underwrite an IPO along with many associated fees and could change the way companies approach selling shares to the public.
The confidential filing was initially reported by news outlet Axios.
Spotify is the biggest global music streaming company and counts Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) as its main rivals. Reuters has previously reported Spotify was aiming to file for an IPO in late 2017 and list with the New York Stock Exchange early this year.
Spotify could not be reached for comment.
Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs, including those of Tom Petty, Neil Young and The Doors, without a license and compensation to the music publisher. It was unclear what the lawsuit’s effect would be on its IPO plans.
Wixen, an exclusive licensee of songs such as “Free Fallin’” by Tom Petty, “Light My Fire” by the Doors, “(Girl We Got a) Good Thing” by Weezer and works of singers such as Stevie Nicks, is seeking damages worth at least $ 1.6 billion along with injunctive relief.
Spotify still intends to proceed with a U.S. direct listing in the first half of 2018, despite the lawsuit, according to a source familiar with the matter. It has filed for the listing confidentially with the SEC, with Goldman Sachs, Morgan Stanley and Allen & Co helping arrange it, the source added.
Reporting by Greg Roumeliotis in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli