A banker talking to Reuters thinks Spotify could be valued at $7B-$8B in an offering. Last year, the company raised $250M at a reported $4B+ valuation. Rival Pandora (P), whose shares have taken off over the last 12 months, is currently worth $7.1B.
Spotify has reported 2012 revenue of $577M, and a net loss of $77.9M; its 2013 were doubtlessly higher. The company has 24M+ active users and 6M+ paid subscribers. Pandora, by contrast, had 2013 sales of $647.5M. It had 73.4 active users at the end of January, and ended December with 3.3M paid subs (lower ARPU than Spotify).