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Spotify faces paying a lot of interest on debts or having to increase discounts to investors if it does not go public in 2017. Their debt financing last March raised their debt even though they nearly doubled their revenue in 2015, they also sustained substantial losses. What they have going for them, though, is they have a large base of paying subscribers, music discovery features and an active social media, so they have a huge advantage over their competitors. Companies such as Apple with their iTunes store, Pandora, Amazon, and Alphabet Inc. are competitors Spotify is up against. They have to continue making money as they try to obtain licenses from record labels and compete with these companies who have other avenues to increase their revenue.