Spotify is planning to launch in Canada, according to a Wall Street Journal report citing accounts filed by the company's Luxembourg-based holding company, Spotify Technologies SA. The company added it may also expand into "countries in Asia and South America," according to the Journal. Spotify is currently available in 15 countries.

A launch into Canada would give Spotify a strong market of nearly 35 million and the 7th biggest recorded music market in the world in 2011 with $164 million in digital revenue. The subscription market was small, however, accounting for just 3% of revenue.

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Brazil would be a sensible market for a South American expansion. Already home to music subscription service Rdio, Brazil was the 8 largest recorded music market in the world in 2011. Services like Spotify see potential: subscriptions accounted for 57% of its puny $7.7 million digital revenue.

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Spotify had not responded to Billboard.Biz's request for comment at press time.