Spotify is going public, CNBC and Bloomberg News report. Today, the streaming giant filed for a direct listing on the New York Stock Exchange. According to the company’s filing with the SEC, Spotify shares recently traded for as high as $132.50 on private markets. CNBC reports Spotify’s valuation at $23 billion. Pitchfork’s Marc Hogan wrote in December 2017, Spotify’s public offering “would change the benchmarks for success at a company that has become almost synonymous with streaming music. Given Spotify’s outsized importance to the present-day music industry, whether this move succeeds or fails could ultimately affect the music that gets made—and heard.”

Also revealed in Spotify’s filing is that the company generated a revenue of about $4.6 billion in 2017, as Music Business Worldwide notes. Overall, however, the company posted a loss of roughly $1.4 billion.

Read “What Spotify Going Public Could Mean for Music Fans” on the Pitch.