Grime rapper Stormzy stole the show at this week’s Brit awards with a barnstorming performance on the biggest night of the UK music calendar. The celebratory mood at London’s O2 arena reflected a new optimism that has swept music on both sides of the Atlantic.

Streaming has transformed music’s fortunes, with record label revenues soaring thanks to payments from Spotify and Apple Music, setting the industry up for a new growth phase after more than a decade lost to piracy.

All eyes are on Spotify, the world’s largest music streaming service, which is due to list its shares in New York in the next few months. The direct listing — existing shareholders will sell equity into the market but no new shares will issued — will give institutional investors their first opportunity to bet on a pure-play streaming company.