Leaked financial results for Spotify reveal revenue growth of about 40%.  

The Swedish streaming service recorded revenues of 1.9 billion euros ($2.2 billion) in the first half of 2017, but has not officially responded to these figures, which were circulated to private investors and was first reported by The Information. That figure represents nearly 70% of the revenue that Spotify reported in 2016 and is on track to reach 4.1 billion euros (US$4.9 billion) by the end of 2017, a 40% increase from 2016.

Such projections have aligned with Spotify’s competitive user-acquisition strategy, which has grown its subscriber base by 40 percent over the last year.

Spotify also recorded significant losses, estimated to be anywhere from 100 million to 200 million euros in the first half of 2017. This suggests an improvement on 2016, during which total operating losses were 556.7 million euros.

There is debate around whether Spotify could ever replicate Netflix’s business model and financials as the company approaches its much-anticipated IPO. While the two services have plenty of features in common, they respond to different consumer needs and operate on different licensing models, which are tied to how their respective industries are organized.

As of late September 2017, private trades in Spotify shares were valuing the Swedish company at about $16 billion, which may surge even higher to $20 billion by year’s end if it successfully mimics Netflix’s performance.