Spotify reaches 70 million subscribers

• Spotify announced in a tweet late Thursday that it now has 70 million paid subscribers
• The music streaming business was valued at as much as $19 billion last year
• The company is targeting a direct listing in the first half of the year

Music streaming service Spotify, which filed confidentially with U.S. regulators for an initial public offering on Wednesday, has 70 million subscribers, it said in a tweet on Thursday.

Tweet: Hello 70 million subscribers

Spotify, valued at as much as $19 billion last year, is targeting a direct listing in the first half of 2018.

Spotify is the biggest global music streaming company and counts Apple and Amazon.com as its main rivals.

Apple in September told Billboard magazine it has 30 million subscribers to Apple music.