Despite stiff competition from other popular music streaming services, Spotify has held its own since its release in 2008. The Wall Street Journal reports that Spotify raised $250 million in its latest round of funding, bringing the total value of the company above $4 billion. Spotify made a splash when it came stateside in 2011, but has continued to grow ever since, now reaching 32 markets. According to Spotify CEO Daniel Ek, the conversion rate from free to paying subscribers is relatively large, a vital aspect of the service’s continued success. Despite its slightly lower valuation, Spotify managed to generate more revenue last year than Pandora. The new trend for billion dollar companies, going public, is something Ek doesn’t spend much time dwelling on. “If we think that the goal is better aligned by going public, sure we’ll contemplate it,” said Ek.