Spotify has filed to list on the New York Stock Exchange in a move that may value the world's biggest music streaming service at more than $23bn (£16.7bn), BBC reports.

The company will begin trading on the New York Stock Exchange under the name SPOT. But unlike most tech offerings, Spotify won’t be raising any money by issuing new shares. Instead they’ll just allow existing shares owned by investors and employees to be traded publicly on the New York Stock Exchange.

The Financial Times said that Spotify’s foray into the market “could be one of the biggest tech debuts this year”.

In the filing, Spotify declared that it had contributed hugely to reversing the downward financial trajectory of the music industry, while also arguing that music streaming would continue to be big business for the industry.

Spotify is the leader in the streaming music services globally, with the company reporting 71 million paying subscribers and more than 159 million monthly active listeners as of December 2017. It is available in 61 countries and territories. It’s closest competitor, Apple Music, is far behind with 36 million subscribers, but unlike Spotify it does not offer a free tier supported by advertising.

While Spotify continues to dominate within music streaming, the company faces significant challenges to its business model, including risk from fluctuating and unpredictable royalty rates it pays to music labels, publishers, and songwriters.

Regardless, it’s been clear for a long time that streaming is the music industry’s future.