Pop music streaming service Spotify plans £14bn US float

SPOTIFY is poised to go public on New York’s stock exchange after secretly filing papers with regulators, it was claimed last night.

The music streaming firm, based in Sweden and valued at about £14bn, reportedly submitted the documents at the end of December. It allows internet users to listen to music from major artists such as Ed Sheeran ( pictured) for free, if they’re happy to listen to adverts.

Alternatively, they can get advert-free music by paying £9.99 a month.

Spotify is not thought to be aiming to raise extra cash. However, reports of it planning to list came as it faced a potentially disastrous £1.2bn damages claim. It has been accused of copyright infringement by California-based Wixen Music Publishing, which represents artists such as The Beach Boys and Stevie Nicks.

The publisher says Spotify did not go to proper lengths to fully license its back catalogue and is using thousands of songs without paying the correct royalties.

It has not been confirmed whether the lawsuit will affect plans for Spotify’s listing but a source said it was still expected to go ahead. It has filed for the listing confidentially with the US Securities and Exchange Commission. Spotify could not be reached for comment.