Spotify Files Confidentially for IPO on New York Stock Exchange

07 January, 2018, 01:56 | Author: Elena Summers
  • Neil Young performs during the 30th Anniversary Bridge School Benefit Concert at Shoreline Amphitheatre on Oct. 23 2016 in Mountain View Calif

It's alleged that the Swedish-based music streaming service features tracks including The Doors' Light My Fire, Tom Petty's Free Fallin' and (Girl We Got A) Good Thing by Weezer without a direct licence and, as a result, Wixen Music Publishing have filed the lawsuit in California.

Wixen, a Californian company that collects royalties on behalf of artists including Tom Petty, Neil Young, Janis Joplin and the Doors, alleges that Spotify "took a shortcut" when it cut deals with major labels to host their back catalogues.

Spotify is expected to launch an IPO as a direct listing rather than a traditional offering of shares.

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After months of speculation, Spotify reportedly filed IPO documents with the SEC confidentially at the end of December, according to an Axios report that cites anonymous sources.

Spotify is valued at approximately $15 billion, and would therefore be the largest company to attempt a direct listing, and the first to do so on the New York Stock Exchange. Spotify declined to comment on the story. At the time, it was thought that Spotify might save tens of millions of dollars in fees by listing directly. But Spotify failed to properly obtain the equivalent rights for the compositions. Earlier this year, Spotify settled a class-action lawsuit for $43.4 million and a separate lawsuit with the National Music Publishers Association for $30 million. The case is Wixen Music Publishing, Inc. v Spotify USA. They claim that the company doesn't have the right license or compensation to Wixen to stream the songs.

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