Spotify secretly files for IPO this year

Spotify secretly files for IPO this year

Streaming giant Spotify is facing a huge US$1.6-billion lawsuit, filed by music composition administrator Wixen Music Publishing, which contends the music site is using tens of thousands of songs without compensation or licensing. Spotify will reportedly go public under a direct listings - which allows a company to sell stock without the usual investor roadshow and saves on some banking expenses.

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Spotify allegedly filed for its IPO in December, and will go directly to the New York Stock Exchange while bypassing numerous IPO conventions.

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If the company lists on the New York Stock Exchange, as expected, it would be the first to do so with a direct listing. Spotify declined to comment on the story. A source claimed to the Wall Street Journal, however, that the suit won't in fact affect the timing for the direct listing.

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The company is the most successful in the music streaming business, with over 60m paying subscribers. Wixen licenses the work of more than 2,000 artists, including the likes of Neil Young, the Black Keys, and Missy Elliott, and is accusing Spotify of failing to obtain the copyright for 10,784 of the publisher's songs. Spotify has maintained it wants to properly compensate for the music it streams, but has not always been able to find the data to identify rights holders. Spotify now has over 60 million paying users and is expected to go public this year. They alleged that Spotify had failed to adequately pay royalties for some songs on their service.

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