World's biggest music streaming site Spotify lists to go public on NYSE

Spotify has filed to list its shares publicly on the New York Stock Exchange.

The firm will list its shares directly on the NYSE under the ticker SPOT instead of a normal IPO in which shares are issued with the price underwritten by investment banks.

It means that current Spotify shareholders will take directly to market its shares, which were sold for more than $132 each this year.

It had revenues of €4.09bn euros ($4.99bn), up from €2.95bn a year earlier. However Reuters reported that it lost €378m in 2017 and €349 in 2016.

The world leader in streaming music services, Spotify has 159 million listeners and 71 million paying subscribers, well ahead of its nearest competitor, Apple Music which has 36 million subscribers.

In its filing the company said: "We set out to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry.

"Spotify was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans."

The company said it would list "as soon as practicable after this registration statement is declared effective."

The firm has been a divisive figure in the music industry, while enjoying considerable popularity, artists complain they get little in the way of royalties. In January, it was sued for more than $1bn over claims that it infringed the copyright of songwriters and publishers.

The California company Wixen Music Publishing is seeking damages of at least $1.6bn (£1.18bn) claiming it used the tracks without a licence, allowing it to reproduce and distribute the songs,