The streaming service could be valued at €1 billion.

French company Deezer is planning to float on the Paris stock exchange in a bid to keep up with rivals Spotify and Apple Music.

Though not as large as its rivals, analysts believe Deezer could raise €1 billion in the initial public offering.

While Deezer – which launched in 2007 – has 6.3 million subscribers, 4.8 million are based in France, where they use the service as part of a bundle with their mobile service from Orange, which is a shareholder in the service.

The figures are in stark contrast to Spotify, which has 15 million subscribers, and was valued at $8.4 billion earlier this year.

According to Deezer chief Hans-Holger Albrecht, the money raised will go towards helping Deezer improve its services content.

“The streaming music market will not be ‘winner takes all’ so we are confident in our ability to carve out a place,” Albrecht added.

Earlier this year Deezer launched an “Elite” service to bring 35 million FLACs to its users.  [via Reuters]