STOCKHOLM, Sweden — The world’s largest music streaming company, which has been valued at up to $20 billion, Spotify has reached 70 million paying subscribers – ten million more paying subscribers since its last update in July.

The subscriber announcement comes amid reports that Spotify plans shortly to go public, using an unusual direct listing rather than a more common initial public offering.

According to TheLocal.se, The Wall Street Journal, business network CNBC and news site Axios all reported that Spotify had confidentially filed paperwork at the New York Stock Exchange to pave the way for a direct listing.

Spotify recently jointly announce equity investments, strengthening relationships between the two most popular music streaming platforms in the world,China’s Tencent – Spotify will hold a minority stake in TME, and both Tencent and TME will hold minority stakes in Spotify.

Reported by Andrew Mitchell for Woodlawn Post Tech