Spotify touts future profitability as it announces trading to begin in April

CEO Daniel Ek presents 3 April launch on New York stock exchange as bid to save music business from piracy

The music streaming service Spotify has told investors it can become profitable and fend off bigger rivals such as Apple and Amazon, as it announced its shares will begin trading on the New York stock exchange on 3 April.

Executives of the 12-year-old company said it had a user base of more than 100 million, with a higher percentage of paid subscribers than "freemium" listeners, who get music streamed free with ads, which is helping to drive more revenue to performers and copyright holders.