Spotify hints at IPO by hiring a U.S. financial reporting specialist
Spotify, the popular music streaming service, is hiring a U.S. financial reporting specialist, which hints at an IPO coming sometime in the near future. According to a banker source with Reuters, Spotify could be valued at as much as $8 billion.
The job ad indicates that Spotify would most likely go public next year. The job ad, “External Reporting Specialist,” was posted on the Spotify website and LinkedIn. The candidate would be required to “prepare the company for SEC filing standards. Set up all reports necessary to be SEC compliant.”
Spotify currently has around 5,000 employees and has raised nearly $540 million in funding across 6 rounds. Spotify has around 24 million active users and competes with Pandora. Pandora has been around for longer and has around 73.4 million users.
Pandora’s advantage over Spotify is that it is best used through their by simply going to Pandora.com through any web browser.
To get the most out of Spotify, users would need to download desktop software that sync with the mobile app. According to corporate filings, Spotify’s revenues more than doubled to 435 million euros ($571 million), but saw a net loss of 58.7 million euros.