Spotify Might Have Already Confidentially Filed for Its IPO Last Month

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Wixen is claiming that while Spotify struck deals with record labels to obtain the rights to the songs' sound recordings, it neglected to acquire the same for the compositions.

Wixen Music Publishing accused Spotify of using artists' music "without a license and without compensation", according to documents filed in a California court on Friday. Wixen handles copyright management and royalty compliance for artists including Tom Petty, The Doors, Neil Young and Missy Elliot. A direct listing would be an usual move, and Reuters states that Spotify would be the first major company to do so.

Spotify in December confidentially filed with the Securities and Exchange Commission for its initial public offering, the news website Axios reports.

A company spokesperson declined comment. Spotify has maintained it wants to properly compensate for the music it streams, but has not always been able to find the data to identify rights holders.

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Last year, Spotify had to shell out a grip over a couple multi-million dollar lawsuits. That's created to make it easier for the company to go public - and it would not dilute the current equity of executives and investors - but also means it won't raise capital with the IPO.

The company was founded in 2006 and has pioneered legal streaming, which has become the music industry's biggest source of growth despite early scepticism.

It is the latest lawsuit to hit the fast-growing streaming company.

He continues "Spotify has more than $3 billion in annual revenue and pays outrageous annual salaries to its executives and millions per month for ultra-luxurious office space in various cities".

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