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Spotify has just renewed its licensing deal with Warner, the last crucial component needed before its public offering in late 2017 or early 2018. The deal is likely identical to what was struck with Universal in April, which included the option to initially hold back new albums from Spotify’s free tier and a break for Spotify in royalty payouts to the label.

With renegotiated licensing deals in place with Sony, Universal, and now Warner, Spotify has all the components in place to predict their music costs for several years. The company has been racing the clock to go public in order to avoid hefty interest growing on the $1 billion convertible debt it raised in March 2016.

Spotify is seeking a non-traditional path to go public by…

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