Spotify is reportedly planning to go public on the New York Stock Exchange in the first quarter of 2018. The confidential documents were filed with the SEC last month.

According to Bloomberg, the streaming giant will launch its IPO as a direct listing rather than as a traditional share offer.

With more than 60 million subscribers paying to access its catalogue of 30 million songs, Spotify is not seeking to raise cash and a direct listing avoids fees and restrictions on stock sales.

The company’s valuation last month was reported as $19 billion (£14.05 billion). It would be one of the largest consumer tech companies to go public in recent years.

Spotify has not commented on the reports.

Newly released market figures for the UK and the US in 2017 have revealed how streaming is driving the return to growth in recorded music. 

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