Spotify set for Wall Street despite never turning a profit

The music streaming giant has announced plans to go public as Apple continues to force its way into the marketplace.

Spotify is preparing to go public and win over a host of new investors by listing on Wall Street.

The music streaming giant is taking the unorthodox approach of selling some of its existing stock as part of the IPO instead of issuing new shares to raise capital.

The listing comes as Spotify continues to fight off stiff competition from Apple and Amazon Music, who have both invested heavily in their music streaming platforms over recent years.

Spotify’s filing to list revealed that its music-streaming service boasts 71 million subscribers, nearly twice as many as Apple’s rival service, which has approximately 36 million subscribers.

However, Spotify is still not profitable. The company lost £1.06bn last year.