https://www.recode.net/2018/3/1/17065470/spotify-ipo-sony-hope-hicks-trump-gun-control-facebook-sandberg-amazon-ufc-streisand-clone-dogs >Spotify filed to go public yesterday in an innovative, unusual and risky approach called “direct listing,” which means no roadshow, no opening share price and no lock-up for company insiders who want to sell shares. The streaming music company revealed lots of usage and financial data in its IPO paperwork — here are the main takeaways in chart form. Spotify is still burning an enormous amount of cash — yesterday it posted an operating loss of $461 million on revenue of nearly $5 billion last year — but the margins have been creeping up, and the bigger the company gets, the better it looks. One of the surprise winners is Sony Music, which owns 5.7 percent of Spotify’s shares, worth $1.1 billion at a $20 billion valuation. Here’s why Spotify had to go public this year — it’s all about the debt drama. And here’s what SPOT might mean to music fans. [Theodore Schleifer/ Recode] >[Subscribe to the Recode Daily here]