Thinking of an IPO already? New funds? Asked, the company tells us it’s “far too early to say”, and we’re sure that long-term future is still a way off - but “all options remain open”.

Perhaps that has something to do with the level of income needed to sustain Spotify’s royalty outgoings. Founders Daniel Ek and Martin Lorentzon put up 80 million Swedish kronor (then €8 million) of their own money after leaving Tradedoubler. But, as its popularity grows - even without us knowing its true PRS terms - it’s likely incurring heavy outgoings for the songs it plays.

Citing unattributed numbers, The Register last week said Spotify had 17,000 UK premium subscribers in May out of a total 500,000 here, and pulled in £82,000 in monthly ad income. Spotify tells us those numbers are wrong but, naturally, wouldn’t disclose accurate figures. On the industry grapevine, we hear the premium subs may actually be fewer than 17,000. But, in fairness, few seem to know for sure…

Nestled among this is the lingering suggestion, despite a virtual denial, that labels have some kind of equity stake. The company has been happy to explain its vision to the media recent months - that visibility could have something to do with a possible funds search (as well as recent misreporting). But it’s probably coming to wish everyone would quit with the speculation and let it knuckle down before its promise as a business is strangled at birth. Yes, it’s tough being popular…