Music streaming giant Spotify, yesterday officially announced that it has filed to go public, and is targeting a $1 billion IPO.

Spotify is set to begin trading on the New York Stock Exchange under the ticker “SPOT.” However, the company actually plans to begin trading on the market without any type of fundraising event, so that billion-dollar number is subject to change and should be considered a placeholder.

It its F-1 filing, the company said that “Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.”

Competition

Spotify recently announced that it now has 159 million monthly active users, with 71 million paying for the service at $9.99 per month. This achievement has cemented its status as the biggest subscription music service by user count, and the leader in the increasingly crowded music streaming industry.

Arguably Spotify’s biggest market rival is Apple’s (AAPL – Free Report) Apple Music. Launched in 2015, Apple Music is a streaming music service based on Beats Music, which has drawn listeners with playlists made by experts, not algorithms. The service is also known for its collaborations with high-profile musicians like Drake and Taylor Swift. It costs $9.99 per month, and users can download music from an extensive digital library, just like Spotify. Apple Music offers listeners a free, three-month initial trial.

There’s also Tidal, the Scandinavian streaming service that rapper and mogul Jay-Z scooped up back in 2015 for $56 million. Other top rivals include Rdio, which provides access to online radio stations; Pandora (P – Free Report) , one of the original internet radio companies; Rhapsody, the original streaming music subscription service; and Alphabet’s (GOOGL – Free Report) Google Play Music.