Spotify has filed to record its shares publicly on the New York Inventory Trade.
The agency will record its shares straight on the NYSE below the ticker SPOT as an alternative of a traditional IPO during which shares are issued with the value underwritten by funding banks.
It signifies that present Spotify shareholders will take on to market its shares, which have been bought for greater than $132 every this yr.
It had revenues of €four.09bn euros ($four.99bn), up from €2.95bn a yr earlier. Nevertheless Reuters reported that it misplaced €378m in 2017 and €349 in 2016.
The world chief in streaming music companies, Spotify has 159 million listeners and 71 million paying subscribers, effectively forward of its nearest competitor, Apple Music which has 36 million subscribers.
In its submitting the corporate stated: “We got down to reimagine the music business and to supply a greater method for each artists and shoppers to profit from the digital transformation of the music business.
“Spotify was based on the assumption that music is common and that streaming is a extra strong and seamless entry mannequin that advantages each artists and music followers.”
The corporate stated it might record “as quickly as practicable after this registration assertion is said efficient.”
The agency has been a divisive determine within the music business, whereas having fun with appreciable recognition, artists complain they get little in the way in which of royalties. In January, it was sued for greater than $1bn over claims that it infringed the copyright of songwriters and publishers.
The California firm Wixen Music Publishing is searching for damages of not less than $1.6bn (£1.18bn) claiming it used the tracks with out a licence, permitting it to breed and distribute the songs,