The company is trying to raise $100 million from investors, but will it save them?

According to the Wall Street Journal, the $3 billion valuation is a step up from last year’s $1 billion mark, but not as high as Spotify’s $5 billion goal. Sources say that the U.K.-based company is raising more than $100 million from multiple investors, including Goldman Sachs Group Inc.

However, previous reports held that “something must change soon on Spotify’s business model if the company is to survive,” as its revenue growth continues to be matched by growths in losses.

Time is of the essence for the streaming giant: Apple’s streaming radio product could debut early next year — a cause of concern for both Spotify and Pandora.