Music streaming firm has 157m customers and could be valued at $25bn in its New York IPO

Spotify is poised to make its stock market debut on Tuesday, in a flotation on the New York Stock Exchange that could value the company at $20bn-$25bn (£14.2bn to £17.8bn) according to analysts.

The music streaming business was launched 12 years ago as a free-to-use service, funded by advertising. Spotify now has 157 million customers, and has managed to convert 71 million of those into paying users of its premium subscription service.

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