Music streaming service Spotify to go public

Instead of a traditional initial public offering, Spotify will pursue a direct listing of its shares, an unusual process in which no new stock is issued - and therefore no money is raised

Spotify has already won over the music industry, and listeners worldwide, with an online streaming service that makes millions of songs instantly available. Now, it is ready to test its business model on Wall Street.

On Wednesday, the company filed a prospectus to sell shares on the New York Stock Exchange, an indication of the imminent arrival of one of the most anticipated technology stocks in years. It was also a signal of the maturation of the streaming market that has already begun to revive the long-struggling music industry.

Instead of a traditional initial public offering, Spotify will, as expected, pursue a