Music streaming company Spotify has been thinking about its IPO for a while. A year ago, analysts were expecting it to take the plunge in 2017. But recent reports suggest that the company may be delaying the IPO again, as it works on improving its operations and financials.

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Spotify’s Financials

Stockholm-based Spotify was founded in 2006 by serial entrepreneur Daniel Ek and Martin Lorentzon. The two founders took two years to develop the streaming app, which was launched in 2008. Since its release, the app has seen rapid adoption. Spotify operates on a freemium model allowing users to listen to music along with ads for free or to opt for a $9.99 a month subscription that offers ad free music streaming.

Last week, the company announced that it had 50 million paid subscribers. Subscriber base has grown from 30 million in March 2016 to 40 million in September 2016. Including the free subscribers, Spotify has more than 100 million users on its platform. Compare that to Apple Music’s 20 million paid subscribers in December 2016, from 13 million in April 2016 and 17 million in September 2016.

But despite the increasing number of subscribers, Spotify is still not profitable. Spotify ended 2015 with revenues of $2.8 billion and a loss of $194 million. More recent financials are not known.

Spotify has grown through venture and debt funds. It has raised $1.56 billion in venture funds from Asset Management Partners, Baillie Gifford, D.E. Shaw & Co., Discovery Capital, Goldman Sachs, GSV Capital, Halcyon Asset Management, Lansdowne Partners, Northzone, Rinkelberg Capital, Senvest Capital, Technology Crossover Ventures, TeliaSonera, Alexandre Mars, AFSquare, Fidelity Ventures, Lakestar, The Coca-Cola Company, 137 Ventures, Accel Partners, DST Global, Kleiner Perkins Caufield & Byers, Founders Fund, Sean Parker, Horizons Ventures, and Li Ka-shing. In March 2016, it raised $1 billion in convertible debt and was valued at more than $8 billion.