Spotify on Thursday announced that it has surpassed the 70 million paid subscriber mark (it has said in the past it has over 140 million total users). That’s up 10 million from the last update the company gave back in June, and roughly double that of if its primary competitor Apple Music.

The milestone is important for several reasons, but the most important is that Spotify recently filed a confidential IPO with the SEC. For those unfamiliar with the term, IPO stands for Initial Public Offering, meaning the company is preparing to offer shares of its stock for sale to the public.

Spotify has had an interesting couple of years, with reports ranging from it acquiring rival streaming service SoundCloud, to it renegotiating crucial music licensing contracts with major labels. Some folks have even predicted it’s headed for an early demise, given that it doesn’t turn a profit.

Source: Twitter