Music streaming company Spotify has reportedly secured $250 million in new financing, helping move the company to the four billion valuation mark, according to the Wall St. Journal. The start-up previously raised $100 million nearly a year ago, then placing it at a $3 billion valuation.
Spotify is reported to have doubled its revenues year-over-year in 2012 to nearly $600 million, but its net loss increased to $77 million. Spotify co-founder and CEO Daniel Ek told the L.A. Times earlier this year that his goal was to “not just convert the $24 million into buying [a subscription], but to get $1 billion using streaming services rather than a piracy service.”
The London-based company has expanded to four continents and currently reaches more than 26 million users.
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Hollabaugh, a staff writer at MusicRow magazine, has over 20 years of music business experience and has written for publications including American Profile, CMA Close Up, Nashville Arts And Entertainment, The Boot and Country Weekly. She has a Broadcast Journalism and Speech Communication degree from Texas Christian University, (go Horned Frogs), and welcomes your feedback or story ideas at lhollabaugh@musicrow.com.View Author Profile
