Deezer announced that it plans to hold an IPO later this year. The streaming service is currently projected to obtain a market valuation of about 1 billion euros ($1 billion). Going public could help the French platform to compete with other rival services in the increasingly crowded streaming space.

“Deezer is at the forefront of a music revolution in the very early stages of music streaming. We are a service aimed at music lovers and our mission is to challenge the status quo, bringing music to everyone, everywhere,” CEO Hans-Holger Albrecht said in the filing statement.

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