The biggest music streaming service in the world has filed to sell the company’s shares publicly on the New York Stock Exchange.
On Wednesday, a direct listing of up to $1bn (£730m) was filed by Spotify with the US Securities and Exchange Commission.
The said process means that the company can move towards an IPO (Initial Public Offering) without the need to raise new capital or hire a broker or bank to underwrite the offering.
Spotify has a presence in over 60 countries. In its filing it said that it has approximately 71 million premium subscribers and around 159 million monthly average users.
Spotify stated: “With our ad-supported service, we believe there is a large opportunity to grow users and gain market share from traditional terrestrial radio.”
“Today, millions of people around the world have access to over 35 million tracks through Spotify, whenever and wherever they want,” it added.
“We are transforming the music industry by allowing users to move from a ‘transaction-based’ experience of buying and owning music to an ‘access-based’ model which allows users to stream music on demand.
“In contrast, traditional radio relies on a linear distribution model in which stations and channels are programmed to deliver a limited song selection with little freedom of choice.”
According to the financial statements that were included in the paperwork, the revenue of Spotify in 2017 was €4.09bn (£3.62bn), compared with €2.95bn in 2016.