Spotify files to go public on New York Stock Exchange

Feb. 28 (UPI) -- Music streaming service Spotify announced Wednesday it will go public on the New York Stock Exchange.

The company, which will go by SPOT on the NYSE, will become the first publicly traded music streaming service.

"No public market for our ordinary shares currently exists. However, our ordinary shares have a history of trading in private transactions," Spotify said in its F-1 registration statement.

In private markets, Spotify shares have been sold for up to $132.

Spotify co-founder and CEO Daniel Ek said his company has "bigger aspirations" beyond digital streaming of music and aims to increase revenue to adequately pay artists for their work.

"We envision a cultural platform where professional creators can break free of their medium's constraints and where everyone can enjoy an immersive artistic experience that enables us to empathize with each other and to feel part of a greater whole," Ek said. "But to realize this vision, professional creators must be able to earn a fair living doing what they love, where monetization is at the core of a creative proposition and not an afterthought. We care deeply about our creators and our users and we believe Spotify is a win-win for both."

Revenue has increased each of the past three years, going from $2.37 billion in 2015 to nearly $5 billion in 2017, according to the F-1. But the company also posted a $1.5 billion loss last year, mostly due to an earlier debt issue with investors and creditors that was resolved earlier this year.

Spotify said it plans to be listed on the NYSE "as soon as practicable after this registration statement is declared effective."