Great news for those who have purchased investment products related to Spotify: According to multiple people familiar with the company, the world’s #1 music streaming service is aiming to go public in a specific timeframe.
Sources state that the disruptive music streaming service aims to go public in the second quarter of 2017. As we noted at the beginning of June, there have been many signs pointing to a potential Spotify IPO – but it was anyone’s guess as to when this would happen. Venture Beat and Business Insider are reporting on this story coming from the most recent update from today where Bloomberg states there are five individuals familiar with the plan that have confirmed Spotify’s aims to go public in the second half of 2017.
The 10-year-old company has recently experienced a constant user growth on its platform and is leading the paid music streaming market. None of its many competitors (like Pandora, Apple Music, Prime Music the recently-launched French competitor Deezer) can compete with the 30 million paying subscribers worldwide under Spotify’s belt. Last year sales almost doubled to $2.2 billion which is something its competitor in the public market, Pandora, hasn’t been able to achieve yet ($1.16B 2015 year end revenue).