Spotify to file $1 billion IPO

Streaming music service Spotify filed for a initial public offering with the Securities and Exchange Commission on Wednesday, proposing going public with a $1 billion valuation.

The company said in its filing that, as of December, it had 159 million monthly active users and 71 million paid subscribers.

“Our brand reflects culture — and occasionally creates it — by turning vast and intriguing listening data into compelling stories that remind people of the role music plays in their lives and encourages new fans to join Spotify each week,” the filing reads.

{mosads}Spotify accounts for 41 percent of the music streaming market in the U.S., according to the form, outpacing competing services from Apple and Google.

The Stockholm-based company reported revenues of nearly $5 billion in 2017, $3.6 billion in 2016 and $2.4 billion in 2015.

Spotify will trade on the New York Stock Exchange under the ticker name SPOT.