Spotify, the world’s largest music streaming service, could make a lot of waves when its shares hit the market. That’s according to Axios Business Editor Dan Primack, who says the offering could be “something like we’ve never seen before.” In an interview with Cheddar, he pointed out that the vast majority of Spotify’s investors are not subject to lock-up periods, meaning they “can, in theory, sell on day one.” That could “significantly increase the volatility” of the shares. Second is Spotify’s decision to go the “direct listing” route. The company will eschew traditional underwriters, with investment banks Morgan Stanley, Goldman Sachs, and Allen & Co. only playing limited roles as advisors. Primack says this is not something just any company can pull off. “Everyone knows what Spotify is. It’s not just a consumer brand -- it is a very, very high-profile consumer brand.” said Primack. Spotify’s filing Wednesday confirmed what everyone already knew -- it is a market leader in the streaming space. At the end of last year it had 159 million monthly active users and 71 million paying subscribers. That is miles ahead of Apple’s 36 million, though a recent [report](https://www.wsj.com/articles/apple-music-on-track-to-overtake-spotify-in-u-s-subscribers-1517745720) suggests the iPhone maker is gaining ground. Spotify also said it brought in more than $5 billion in revenue revenue last year, up 39 percent from the year before. But it’s yet to turn a profit and posted a loss of around $1.5 billion. The company could list before the end of the month. For the full interview, [click here](https://cheddar.com/videos/spotifys-unusual-public-listing-could-change-the-ipo-game).

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