At a 2017 IPO, Spotify is expected to have more than 50 million paying users, more than 100 million non-paying users and $5 billion in annualized revenue, according to GP Bullhound.
At a 2020, Spotify is projected to have:
100m subscribers (now 40 m)
200m non-paying users (now 70 - 80m)
~$11B revenue ($2.2B in 2015)
http://nordic.businessinsider.com/gp...the-ipo-2016-9