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Spotify confidentially files with the SEC for its IPO: report

Spotify has confidentially filed for an initial public offering with the Securities and Exchange Commission, according to an Axios report, citing unnamed sources. The popular music streaming platform, based in Sweden, is seeking approval for a direct listing rather than a traditional IPO. As MarketWatch's Max Cherney has reported, the difference is that a direct listing wouldn't raise money or have a road show, making it cheaper for Spotify, and existing shareholders wouldn't have their equity diluted. Axios reports that Spotify plans to list during the first quarter. The report of the company's SEC filing comes a day after news that Spotify is being sued again for copyright infringement. This time the company has been hit with a $1.6 billion lawsuit from Wixen Music Publishing, which represents Tom Petty, Neil Yong, Steely Dan and others, alleging that Spotify has been using thousands of songs without a proper license.