French music streaming service Deezer has filed for IPO on Paris stock exchange, Euronext. Bloomberg has reported that the transaction could see the French company valued at €1 billion ($1.1 billion), in a surprise move that many probably thought would come first from Spotify, who have yet to go public.

As of June this year, Deezer counts 6.3 million paying subscribers, and reported €142 million in revenue for 2014. It also boasts 35 million tracks and over 40,000 podcasts and talk shows. Compare this to Spotify's more than 20 million paying subscribers, 30 million tracks, and €1.08 billion in revenue for 2014, but the Swedish company has yet to actually turn a profit, relying heavily on investment; Spotify's last round of funding it was valued at over $8 billion.

Interestingly, Deezer have been pursuing a strategy that sees them marketing in 180 countries, and of those, focusing more of its attention in Europe and emerging markets. They seem to be leaving the US alone for the moment, unless you count their collaboration with Boss and Sonus, targeted at fans of "high-end audio". This all-encompassing approach may end up paying off in the long run.

According to Bloomberg, Deezer CEO Hans-Holger Albrecht has said the company will use funds garnered from the planed IPO on marketing, new partnerships, and an increased focus in emerging market areas.