One the leading music streaming services has reportedly made major moves to go public on the New York Stock Exchange, Bloomberg reports.
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Spotify, who has a steady income based on its 60 million subscribers, reportedly sent in documents to the Securities & Exchange Commission to change the NYSE rules in having their platform enter the ring, that has commonly been used for smaller issuers and real estate investments.
Valued at around $15 billion dollars, the publication notes that Spotify is set to make its shares public in the first quarter 2018.
If Spotify’s plan to have users and investors trade stocks in the company proves successful, it could lead to many other services such as Uber or Airbnb look to enter the stock leagues.
We recently posted on other money news surrounding Spotify as reports suggested they have been hit with a $1.6 billion lawsuit from Wixen Music Publishing. Wixen claims that Spotify has been using tens and thousands songs without proper licensing and accreditation.
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“Spotify brazenly disregards United States Copyright law and has committed willful, ongoing copyright infringement,” the company stated in court documents. “Wixen notified Spotify that it had neither obtained a direct or compulsory mechanical license for the use the Works. For these reasons and the foregoing, Wixen is entitled to the maximum statutory relief.”