Spotify — a top player in online music streaming, is about to close a round of financing that will set its value around $3 billion.

According to the Wall Street Journal, Spotify wants to raise more than $100 million in its latest deal. The $3 billion valuation at that mark would be a nice step up from last year’s financing, during which Spotify was valued at $1 billion — though it looks like it’s short of Spotify’s goal of being valued at more than $ billion. In light of the plunges in IPOs like Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA) and Groupon (NASDAQ:GRPN), however, the enthusiasm for hot social deals is waning.

Spotify, founded in 2006, might generate as much as $900 million in revenues for this year. The company charges $10 per month for its service and has more than 15 million subscribers.

It’s unclear how much Spotify has to pay music labels for its content, but considering deals at other streaming services, the amount’s likely substantial, which means the company’s margins probably are tight.

Spotify also has a few entrenched competitors, including Pandora (NYSE:P), iHeartRatio and Rdio. And really throwing a wrench into things might be Apple (NASDAQ:AAPL), which is planning to launch its own streaming music service.

Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.