In 2017, Spotify made $4.5 billion in revenue from the $9.99 monthly subscription, compared to $511 million for the ad-supported service The company said revenues amounted to $5 billion in 2017, up from $3.6 billion in 2016.
And Spotify is on the hook for paying out huge sums to the music industry.
In the filing, Spotify said it has paid $9.8 billion in royalties to musicians through 2017.
A music subscription service gives much of the revenues to record labels, artists and music publishers, which is why, for instance, competitor Pandora has had such a hard time making a go of it, despite being around for so many years, since 2000.
In its filing, Spotify noted that competitors have several advantages, namely in the form of connected, smart speakers that Google, Amazon and Apple manufacture.