Monday 15 July 2019 12:01 am

Music streaming firm Roxi plans London float as it looks to take on Spotify

British music streaming firm Roxi Music has appointed advisers for an initial public offering (IPO) on the London Stock Exchange later this year.

Roxi, which boasts a string of celebrity backers including Alesha Dixon, Sheryl Crow and Robbie Williams, said it will float on the Aim market in the fourth quarter 2019.

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The firm, which offers a fully-licensed music catalogue through a set-top box, said the move will drive expansion as it looks to take on streaming giants such as Spotify and Apple Music.

“As the sole UK company offering full catalogue music streaming services, an IPO on Aim will enable Roxi Music to scale up the business and take our successful product international, ensuring the UK’s place in the next stage of the digital music revolution,” said chief executive Rob Lewis.

Roxi has positioned itself as a family-focused alternative to US streaming behemoths, with an aim to create easy-to-use shared music experiences in the home.

In addition to a catalogue of 35m songs, the service also offers karaoke, music games and audio experiences for yoga and meditation.

Roxi said the IPO will help it expand its TV marketing campaigns in the UK and the US, as well as develop a new range of music entertainment products.

Revenue from music subscription services has now overtaken ownership formats in the UK, as listeners increasingly turn to streaming.

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A report published last month by Goldman Sachs forecast the number of music streaming subscribers worldwide will increase almost five fold to 1.15bn over the next 10 years.

Roxi appointed Arden Partners as its nominated adviser for the IPO, while Fladgate and Hays Macintyre were named as legal advisers and auditors respectively. 

Main image credit: Getty