Spotify, the world’s largest music streaming service, has revealed its plans to go public by filing with the Securities and Exchange Commission as it plans to trade on the New York Stock Exchange.

According to the company’s filing with the SEC, Spotify shares traded for as high as $132.50 on private markets and has said the the maximum public offering could be up to $1bn (£725m). The Swedish company, which has amassed 71m paying subscribers, is aiming to “unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.”

“We are transforming the music industry by allowing Users to move from a ‘transaction-based’ experience of buying and owning music to an ‘access-based’ model which allows Users to stream music on demand,” the filing said.

In a vastly crowded area of online music streaming sites, Spotify continues to dominate. According to its filing, the company holds a 41 per cent global market share and has been valued in excess of $23 billion.