Spotify CEO Daniel Ek. Andrew Burton/Getty Music streaming service Spotify is planning to go public this year, but a new report from The Wall Street Journal says the company isn't planning a traditional IPO.

Instead, The Wall Street Journal reports that Spotify is planning a direct listing in September which wouldn't involve raising any new money.

A normal IPO involves a company issuing shares of stock. But The Wall Street Journal reports that Spotify will instead simply register its shares on a public market.

On Tuesday Spotify cleared a major hurdle ahead of its IPO when it signed a new deal with Universal Music Group (UMG).

UMG agreed to lower its share of the payouts from each stream, but it did manage to get Spotify to agree to "windowing" — allowing exclusivity windows for content on its platform.

Spotify had resisted windowing for a long time because it didn't want to reduce the attractiveness of its free, ad-supported tier. But the deal with UMG will mean that artists can choose to make albums available on the paid tier exclusively for two weeks.