Spotify Heading for Higher Heights at 4 WTC

The music streaming service plans to create 1,000 new jobs
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Spotify is readying itself for new digs.

The music streaming service plans to move its U.S. headquarters from offices in Midtown Manhattan to the 4 World Trade Center in southern Manhattan.

Spotify also expects to create 1,000 new jobs, the company said, creating a workforce of 1,800 in New York City.

Spotify, which has its world headquarters in Stockholm, plans to move into the new 378,000 -square-foot office space in early 2018, according to comments from a press conference hosted last week by New York Gov. Andrew Cuomo.

To encourage Spotify to expand its operations in New York, the organization Empire State Development will provide the company up to $11 million in World Trade Center Rent Reduction Program rent credits, available for approximately 15 years of Spotify’s lease.

“We appreciate the help of Governor Cuomo and New York State in continuing to grow our team and home in New York City,” said Horacio Gutierrez, general counsel for Spotify. “New York gives us access to the most diverse talent market in the world and we’re incredibly excited to build out our new space at 4 WTC.”

The relocation will make 4 World Trade Center the first office tower to be fully leased on the 16-acre World Trade Center site, the governor’s office reported.

Spotify, founded in 2006, has 100 million active users; about 40 million of those are paying subscribers. The company, which was founded by Daniel Ek, was valued at $8 billion in 2015 summer. The publication TechCrunch reported earlier month that Spotify is mulling over a potential IPO sometime in 2018.

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