Music streaming pioneer Spotify, which has 71 million paying customers worldwide, has officially filed for an initial public offering (IPO).
The company is filing via a direct listing. This means Spotify won’t be fundraising by issuing new shares beforehand and the offering won’t need to be underwritten by a Wall Street bank or broker.
The company will trade on the New York Stock Exchange under the ticker SPOT.
The filing, published on Wednesday seeking $1 billion, also gives us our best look yet at Spotify’s books.
The company brought in revenue of 4.09 billion Euros during 2017, which is way up from the 2.95 billion Euros it brought in during 2016.
Related: What are Spotify Stations?
However, the firm is still far from breaking even. In fact, operating losses are growing. It lost 378 million Euros in 2017 and 349 million euros in 2016 (via Reuters).
We also learned the company’s 71 million paying customers are dwarfed by the 159 million who’re using the ad-funded Spotify Free service.
Still, those forking over cash for Spotify, a number that grew 46% during 2017, almost double Apple Music’s 36 million paying customers.
In the filing Spotify wrote: “We set out to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry.
“Spotify was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans.”
The company also says one of its challenges in staying ahead of the field involves challenging tech hardware companies who’ve created services to run on pre-loaded devices.
“Some of our competitors,” Spotify says, “including Apple, Amazon, and Google, have developed, and are continuing to develop, devices for which their music streaming service is preloaded.”
Is this the right time for Spotify to go public? Do you think it can stay ahead of Apple Music for much longer? Drop us a line @TrustedReviews on Twitter.