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Its closest competitor, Apple Music, reported 30 million subscribers in September.

Spotify's top content executive is leaving, just ahead of the streaming music company's planned public offering. Reports now suggest that, following a filing with the US Securities And Exchange Commission over the Christmas break, Spotify could arrive on the New York Stock Exchange in the first quarter of this year.

In 2017, in preparation for going public this year, the company reached multiyear licensing agreements with record labels including Sony, Universal, Warner and Merlin. DeMarte said he expects Wixen to settle its case for far less than the damages it is seeking and that it is unlikely any of the publisher lawsuits go to trial. The lawsuit, which has been filed in Federal Court in California will definitely send a message to these streaming companies that there is no free ride off the hard work of others. It also alleges that Spotify knew the agency "did not possess the infrastructure to obtain the required mechanical licenses", that it knew it didn't hold the licenses required to stream certain songs, and that it continued anyway. Wixen is the licensee of songs from popular artists like Missy Elliott, Janis Joplin, Tom Petty, and Fleetwood Mac's Stevie Nicks.

A rep for Spotify declined Variety's request for comment.

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What are your thoughts on the Spotify's lawsuit?

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

The suit, which alleges that Spotify is using thousands of songs without a proper license, was filed on December 29 in California federal court. They already have a $43 million settlement which was proposed back in May.