It's been rumoured for a while
Spotify has filed to go public on the New York Stock Exchange.
With 60 million paying customers and additional advertising revenue, Spotify are not thought to be looking to raise capital, but are instead attempting a unique trading system known as ‘direct listing’.
As opposed to a traditional IPO, direct listing allows private stakeholders to buy shares only through an open market, avoiding underwriters’ fees and stock sales restrictions.
Spotify is valued at approximately $15 billion, and would therefore be the largest company to attempt a direct listing, and the first to do so on the New York Stock Exchange.
Yesterday, Spotify was hit with a $1.6 billion lawsuit.
Wixen Music Publishing has accused the site of using music by several of the artists who they represent without a license and compensation.
Radiohead’s Thom Yorke has also expressed criticism of Spotify in the past, describing it as “the last desperate fart of a dying corpse.”