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Spotify Files for IPO

Spotify officially filed paperwork for a public offering with the Security and Exchanges Commission on Wednesday (Feb. 28), revealing plans to offer shares worth up to $1 billion. The music streaming service will trade under the symbol “SPOT” at the New York Stock Exchange.

Among the information included in the paperwork, Spotify claimed a user base nearly double that of Apple Music, its closest competitor, including 159 million monthly active users and 71 million premium subscribers as of Dec. 31, 2017.

As well, last year, Spotify earned nearly $5 billion in revenue, up more than 38 percent from the $3.6 billion it raked in during 2016.

The company positioned itself in a benevolent light for both the music industry and consumers, declaring more than €8 billion in royalties ($9.76 billion by Wednesday’s conversion rate) to artists, music labels and publishers since its launch in 2008. “Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators,” it wrote in the prospective summary overview.

This post originally appeared on Billboard.