Published February 17, 2014
Online music streaming service Spotify appears to be gearing up for an initial public offering in U.S. markets, posting a job advertisement for a financial reporting specialist familiar with Securities and Exchange Commission filing regulations.
Analysts have said an IPO for the popular site could value the company at as much as $8 billion.
Spotify was launched in 2008 and is based in Stockholm, Sweden. The service expanded quickly and now has over 20 million users, of which 5 million pay a monthly service fee that varies based on the user’s location.
Hiring a financial reporting specialist familiar with U.S. accounting and disclosure requirements would be an important step toward an IPO filing.
The job advertisement, first reported by Reuters, was posted on Spotify's website and on LinkedIn (LNKD). Potential candidates need to be able to “prepare the company for SEC filing standards. Set up all reports necessary to be SEC compliant.”
The candidate should also have “experience in preparing international financial reporting, including consolidated financial statements.”
Spotify has declined to comment on whether it has plans for an IPO and didn’t immediately respond to a request for comment from FOXBusiness.com.
"As Spotify grows and becomes a more mature company we are looking for people who can help us keep our financial reporting in order and up to global standards," a spokesman told Reuters.
Spotify raised $250 million in a funding round in November, making it one of the world's most richly capitalized start-ups.
Spotify provides online streaming content by licensing music from record labels including Sony (SNE), EMI, Warner Music Group and Universal.