A Reuters exclusive has reported that private trades in Spotify shares have valued the company around $16 billion, meaning party time for all connected to the company.

Spotify have declined to comment however the trades have increased by $3billion creating strong demand for shares and rising subscription numbers.

The market for shares prior to their public listing allows employees and founders of big name private companies such as Spotify, Airbnb and Uber to cash in on some of their paper wealth, while letting other investors get a head start on the listing.

Early investors tired of waiting for a payout are selling shares too.

A $13 billion price tag would value Spotify, the world’s biggest music streaming company with more than 140 million active users, at around four times its 2016 sales.

The investors and venture capitalists polled pointed to Spotify’s position as the “undisputed market leader” in music streaming, and to rapid growth in its paying users from 5 million in 2012 to over 60 million today.

While it’s made some heavy losses ($600 million last year) it raised its revenue, increasing it by 50% giving investors hope that the company is on the right track.

However some say Spotify could be worth more like Netflix at $20 billion.

“It’s hard to speculate on Spotify’s valuation since we only have historic results prior to the most recent renegotiation with the music majors,” said Louis Citroen, an analyst at Arete Research.

“But a $20 billion valuation sounds punchy as it implies both that Spotify can continue growing customers at a fast pace, and that it might achieve a double-digit margin. We can believe in the customer growth, but are less sure about profitability given high royalty costs and limited differentiation with rivals on content, price or technology”.

Worldwide, music streaming revenue leapt 60.4 percent in 2016, lifting recorded music sales for the second consecutive year after 15 years of decline during which revenue dropped by nearly 40 percent, according to data compiled by the International Federation of the Phonographic Industry.