In private trades involving Spotify the music streaming giant just got an exceptional valuing of roughly $16 billion, signifying bright horizons following a tumultuous year.

Spotify have had some difficulty in the past year as they’ve been renegotiating deals with the major labels, proving to the industry that they aren’t evil like Taylor Swift would have you think, and crawling slowly towards an IPO that seemed like it would never happen. Finally the labels have deals, the industry has taken a second glance at music streaming and seen the opportunities there, and their IPO finally looks possible.

With a monumental few months behind them things just keep looking better for Spotify who, whilst trading shares privately were just valued at about $16 billion. This is a massive increase of roughly $3 billion from their last trades back in June, signifying significant growth that will likely see the company valued even higher when it comes to it’s IPO (which is expected next year now).

Assuming the $13 billion valuing is pretty accurate this would mean that Spotify is now worth roughly 4 times its sales for 2016. Things are looking up for Spotify and as the “undisputed market leader” of music streaming it looks like their on track for a far superior year to the last one. Lets hope that profits say the same, and lead to a highly successful IPO for the streamer.