Spotify raised $250 million in a funding round in November, making it one of the world's most richly capitalized startups.
One senior banker with a global investment bank said that last year's fundraising meant the company would probably focus on further expansion so that it could go to the market with a flotation next year, when the company could be valued at as much as $7 billion to $8 billion.
He said it would be advisable to employ expertise in filing the company's accounts to listing standards well in advance of any flotation.
"They would need such a person, and to make sure that person is settled in, in order for it to be possible to list the company in the United States next year."
Early investors in Spotify include Nordic venture capital firms Northzone and Creandum. Sean Parker's Founders Fund, Kleiner Perkins, Digital Sky Technologies, Accel Partners and Goldman Sachs joined in later financing rounds.
Technology Crossover Ventures led the most recent $250 million funding round, which helped the Swedish music service bolster its U.S. business, which trails services such as Pandora Media, and launch in other countries.
Spotify has over 24 million active users compared with Pandora's 73.4 million.
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Competition is also fierce with Apple's iTunes Radio, Sirius XM Radio, and a handful of smaller players battling it out for listeners.
Corporate filings for 2012 in Luxembourg, where Spotify is registered, show the company more than doubled revenue that year to 435 million euros ($571 million), but had a net loss of 58.7 million euros.
Pandora, whose shares have nearly tripled in the past year, reported higher revenue and profit for the quarter ending in December, but said costs to expand its audience were rising.