French music streaming service Deezer is planning to go public, The Financial Times reports.
The company has filed for an initial public offering in Paris, which is expected to happen before the end of the year. Deezer has not revealed how much it hopes to raise in the listing.
But rumours surfaced last month that the company was planning to go public or raise another round of funding, with any deal expected to value the company at €1 billion.
The French music streaming site is a Spotify rival as it offers similar streaming options through both a free tier and a paid premium one. But according to its website, Deezer has 16 million monthly active users and 6 million paying subscribers compared to the 75 million active users Spotify has, with more than 20 million of those subscribing to its paid tier.
The Financial Times writes that Deezer reported revenues of €142 million (£102 million) last year, and expects them to increase by 35% this year. Deezer CEO Hans-Holger Albrecht told the FT that Deezer is expecting annual revenue to exceed €750m (£542 million) by 2018.
At the time of Pandora’s IPO in 2011, the company had reported revenues of $US137 million (€122 million, £885,000) for the previous year. It was valued at $US2.6 billion (€2.2 billion, £1.6 billion) after going public.
Deezer completed its last round of funding back in 2012, raising €100 million ($US110 million, £70 million) from billionaire Leonard Blavatnik’s Access Industries and Idinvest Partners.
We’ve reached out to Deezer for more details and will update this report with any response.