it turns out barry mccarthy spent two years tilting against this opportunity called a direct listing.cked that door open the more i was able to study that and understand how it worked, it solves those core issues you have market based pricing and market based allocation and you have open and equal access for all. if you put in a bid at 3801 from a robinhood account and they open at 3800, you're filled. that's not true in the ipo process. this is totally unrelated to anything that happened this year there's 20 years of data over the past 38 years, 171 billion. in the past three years, 15 billion. even this year with the three companies that you mentioned that broke issue, it's still a net 6 billion positive in first day trades >> so, tell us how you read the tone of the meeting and whether there questions about the startups that are not mega unicorns able to raise a bunch of money right before doing a direct listing that the startups that actually need cash, will this work for them did you get questions like that in the needing >> the general tone was quite positive we have a remarkabl

at the beginning of next year joining us now barry mccarthy. do 130 million subscribers up to 31% year over year i think people are finally realizing that you guys are just on fire. >>. >> it is performing very well. no question about it >> why >> do you remember netflix in the era when streaming first launched >> back in the day >> you were there. >> linear dies and on demand wins same thing is happening. so was the music service narrowly originally? now it is going to go to service? more engagement for you and more engagement drive and virtous cycle. looks like southeast asia which people may not think >> performing plat this corner along with india as well we are hitting on a couple of cylinders at the same time >> barry, when he you guys did the direct list and soon after you had an analyst day talking to your investor based >> right before it >> and you said, you could expect mid-30s i think it was 35% gross margins long-term for this business. you are nowhere near that. >> yes >> are you ever going to get there? >> i think so. we said ove

barry mccarthy asked that question for you he said why do i need to go the traditional ipo method iflooking to raise money. that was the genesis of the direct listing. >> how does your world change between a direct lasting -- listing and an ipo? >> we have been helping companies come to markets so they have access to capital for a long time. the ipo mechanism that we talk about so much and are so familiar with has only been around since the early 1970's. that does not change our job. our job is to help find price. we are uniquely positioned to do that at the new york stock exchange because we have a market maker. with the direct listing, they are looking for that opening price in the morning to establish what the value of the company is and where supply is an demand is. that is the job we do every day. >> you are in san francisco because you are attending meetings and conferences about direct listings. in your conversation, what do you hear from underwriters who, it used to be profitable to help underwrite an ipo and now they are try to get more involved in direct listings? >> i thin

barry mccarthy, the cfo of spotify, asked that question.id why do i need to go with a traditional ipo method if i'm not actually looking to raise money? that was really the genesis of a direct listing. taylor: how did your role change between a direct listing and an ipo? stacey: we have been at this 200 years. we've been helping companies come to market so they have access to capital for a very long time. the traditional ipo method we all talk about and are familiar with has really only been around since the 1970's. that does not really change our job. our job has been to find price. with a direct listing, they are looking for that opening price in the morning to establish what the value of the company is and more supply and demand, so that's the job we do here every day. taylor: and you are in san francisco because you are attending meetings and conferences about direct listings. in your conversations, what do you hear from underwriters, who -- it used to be profitable to help underwrite an ipo. now they are trying to get more involved in

spotify and barry mccarthy, their cfo, has been a leader in discussing the change. continued the conversation i think a lot of companies have gone public the last 12 months and have taken it seriously. but now there's a groundswell among founders, investors and employees who would benefit from this >> part of this, deirdre, on bill gurley's part, just try to blow up the status quo trying of seeing things done the way they have been done and wanting to do something about it he has the capital political and financially to make a difference >> i think it's about two major things i mentioned it, leverage and flexibility. he's trying to tell startups you have more of a voice in this you don't need to do what the investment bankers -- take the traditional route that has been done for many years. i think the turning point this year was slack if it was just spotify that had done it, it might have been a one-off. the fact that slack did it and i would argue successfully -- yes, when you look at the share price up on the screen, it's tumbled since the direct listing, but reme

retiring spotify cfo barry mccarthy who i interviewed on monday he will almost certainly be missed iays they've of him when we use spotify at restaurants and it mind reads what our collective customers want. the bottom line. i think spotify will be just fine i think it's terrific. the company just reported a game changer of a quarter and the stock's basically back to where it was in a direct listing last year. i know this looks steep. you ain't seen nothing yet bill in georgia. bill >> caller: bill in georgia jim, i watch you for many years. i bought roku and had a 20% gain approximately. i held the stock now i have a 6% or 7% loss should i hold or sell? >> this is a wild one, roku. every time you see a new system come out, a new -- david faber has an inbelievable interview about time warner and their hbo on the go. what happens when people buy roku i have to tell you, sir, i don't think that one's done. it can still go higher this can be the beginning of a long-term rally in spotify i got it wrong again i said that five times i like to say when i got it wrong because i like to say w

number of premium members that pay a subscription fee spotify announced the retirement of cfo barry mccarthystaurant brands international. the fast food company has been moving between gains and losses pre-market 6,000 shares of volume profits matched estimates on worse than expected sales due in part to a drop in sales at existing tim horton's locations. that offset burger king and the impossible whopper and popeyes given the popularity of its chicken sandwich which makes its return, guys, next month after selling out for two weeks. >> spicy spicy chicken. >> i like the spicy chicken personally. >> have you had it >> you haven't had one. >> i haven't had the popeyes one. >> no, but just about every other variety. i do like the kfc with the national hot that's my go to. >> if i need advice on this, i'll come to you. >> you don't get a figure like mine without turning down chicken sandwiches. >> the president is at andrews air force base he's getting ready to depart from chicago let's listen in. >> they're looking to hurt out the republican party and it's turning out to be just the other. one