The Swedish business paper Dagens Industri has written that they consider Spotify, the crown jewel of the Swedish internet companies currently, to be valued at around 1.6B euros (or 15 billion Swedish crowns). The paper values Spotify in comparison to the recent IPO of Pandora, which was valued at almost 3.5 billion dollars at IPO. The stock fell below its IPO price of $17 and closed yesterday at $13.26.
Furthermore, the paper states that recent industry estimates have the company revenues at over 200 million euros per year (2 billion Swedish crowns). The paper also referred to the amount of paying customers which is states the company has more than one million of.
So even today, looking at the current revenues of Spotify and comparing those to Pandora, Spotify in my opinion would easily be valued closer to 10 billion euros in an IPO situation just based on its earnings. Being able to generate 200 million euros in revenues, if that figure indeed is true, in a few countries in Europe tells something about the potential. Add the US market to that and revenues could easily triple.