Music steaming service Spotify is reportedly preparing to going public later this year, according to Quartz. While there have been rumors suggesting the service could do so for the past few weeks, new information seems to point at the company preparing for an IPO as early as fall 2014.

According to the report, Spotify has been in informal chats with investment banks looking to get involved at an early stage in the company's IPO and is expected to begin ramping up the meetings in the coming months. The fall appears to be when we could see the move made, but the report also suggests the timeline could change due to unfavorable market conditions, among other things.

While there is nothing officially confirmed, there have been previous reports saying the company could indeed be moving forward with an IPO. Last month, Reuters found Spotify job listings looking for someone to specialize in SEC filing standards.

Spotify will need to prove a company that recorded a net loss of nearly $78 million in 2012 can be a profitable one moving forward. Officially, Spotify had 6 million paying subscribers as of March 2013, but reports say labels suggest the company is much closer to 10 million at this point.

While it does appear that Spotify is likely readying itself to go public, some have suggested that after it was valued at $4 billion during its last round of funding, it is possible talk of an IPO could peak interest in one of the larger tech giants before it gets a chance to do so.