Such a listing would bypass the traditional initial public offering process that virtually every other company uses to begin trading on the markets.
Direct listings essentially move trading in a company’s stock from private markets to public ones, with new investors buying shares on the open market.
Should Spotify list directly, it probably would do so at a valuation of about $13 billion, one of the people who had been briefed said.
Spotify has already hired the investment banks Goldman Sachs, Morgan Stanley and Allen & Company to help weigh its options, which could still include pursuing an initial offering, the people said.
It has already raised more than $1.5 billion since its founding in 2006, and was valued at $8.5 billion two years ago.
Since the Universal music deal, its value has risen to about $13.3 billion.
Its fortunes have also differed from those of other music services.
And banks would lose out on underwriting fees.
Underwriters who manage the sale of shares can help reduce sharp price swings, which is not possible when companies simply open their stock for trading.
A vast majority of companies generally pursue an initial offering, though some have chosen to put twists on the process.

Author: MICHAEL J. de la MERCED / Source: New York Times SAN FRANCISCO — Spotify helped popularize streaming music when downloading, or pirating, songs was mainstream. Now, the service may be veering away from the mainstream in going public. The company is...