Report: Spotify Generates 3Q Revenue Of $1.2B

Music streaming service Spotify had revenue of a billion euros ($1.24 billion) in its third-quarter, putting it on track for a full year revenue of more than 4 billion euros ($4.95 billion), Reuters is reporting citing the website The Information.

The Sweden-based company's full year revenue rose about 40 percent from 2016, according to The Information's report, which cites two investors briefed on the numbers.

The company is the biggest music-streaming company in the world and counts Apple Inc and Amazon.com Inc as its main rivals.

Spotify filed confidentially with U.S. regulators for an initial public offering last month and is targeting a direct listing in the first half of 2018 that would allow some longtime investors to cash out, Reuters had reported, citing a source.

The company had an operating loss of between 70 million and 90 million euros in its third quarter, suggesting that full year operating losses will top 300 million euros($371.43 million), The Information said.

Spotify, which was valued at as much as $19 billion last year, said in June that it had more than 140 million active users while listing more than 30 million songs. Spotify last reported more than 60 million paid users, twice that of Apple Music, its closest rival.