We have heard the rumors that Spotify could be planning on going public many years ago. However it seems that it is only after about 3-4 years later that those rumors have finally come true because following a report of a confidential IPO filing, Spotify has finally announced that they will be going public.

The company will begin trading on the New York Stock Exchange under the ticker name “SPOT”, with shares being traded as high as $132.50 on private markets, according to the company. What this means is that Spotify’s valuation, based on ordinary shares outstanding as of the 22nd of February, would be around $23 billion.

According to Spotify, they announced last month that they have hit the 70 million subscriber mark which puts them way ahead of the competition. However analysts have predicted that at the rate Apple Music is growing, it is possible that they could very well overtake Spotify in terms of subscriber count as soon as this summer. This helped by the fact that Apple Music comes (sort of) preloaded on every iOS device which does make it easier for users to sign up for it.

We have also heard speculation that Spotify could be branching out beyond just music streaming. A recent job listing has hinted that Spotify might get into the hardware business by producing its own smart speakers.

Filed in Audio >General. Read more about Entertainment, Music and Spotify.

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