Matt Levine has written about the Spotify direct listing in a few of his Money Stuff columns. Overall he seems to think it will be a really interesting experiment given that no one is sure how it will play out. Another point he makes is that Spotify is still paying investment bankers a bunch of money despite the fact that it is not IPO-ing. Even when you try to avoid paying bankers a bunch of money by skipping the IPO, you end up paying bankers a bunch of money...