Music-streaming service Spotify filed for an initial public offering with the Securities and Exchange Commission Wednesday. It will begin trading on the New York Stock Exchange under the ticker symbol 'SPOT.'
The company says it has 159 million monthly active users and 71 million premium subscribers, which it estimates is nearly double that of Apple (AAPL) Music, its closest competitor.
Spotify has more than doubled its annual revenue over the past three years from 1.94 billion euros in 2015 to 4.1 billion euros last year.
It is looking to raise $1 billion when it starts trading on the NYSE.