Spotify IPO now official, claims twice as many paid subscribers as Apple Music, seeking $1 billion

Spotify, the popular music service and Apple Music’s biggest competitor quietly filed for its IPO with the SEC early last month. Now, the filing has gone public.

Reported by CNBC, Spotify will be trading under the ticker SPOT. The company is still reporting 71 million paid users with Apple Music at an estimated 36 million. Spotify also says that is has 159 million active monthly users.

The filing shows that Spotify is seeking to raise $1 billion in funding through the IPO. As for recent financial performance, the service has seen some nice growth. CNBC says the it saw $2.37 million revenue in 2015, $3.6 million in 2016, and $4.99 million last year. (We believe this is either profit, not revenue, or should be billions, not millions).

“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,” the company said in its filing. “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.”

You can follow on Twitter, add us to your circle on Google+ or like our Facebook page to keep yourself updated on all the latest from Apple and the Web.