Investment bank Cowen is predicting Apple News+ will account for $2.2 billion in revenue and have some 19 million users by 2023.

Apple News+ is the company’s subscription-based news service that provides news and magazines from popular sources. Many of the nation’s largest newspaper’s and news outlets are partners, and subscribers have access to a virtual newsstand of magazines.

AppleInsider saw a note lead Cowen analyst Krish Sankar sent to investors regarding the service’s potential. In the note, Sankar sees Apple News+ experiencing significant growth, as much as a 31% compound annual growth rate (CAGR).

“We believe Apple’s News app and the News+ paid subscription service (News platform) are well positioned to not only benefit from incremental subscriber additions but also accelerating advertising revenue growth,” Sankar wrote.

Unlike Google and Facebook, both of which have fought to avoid paying publishers, Apple worked out deals with publishers from the very beginning. While the profit hasn’t always been as high as publishers wanted, due to challenges getting Apple News+ well-established, it appears the service may finally be on the verge of hitting its stride.