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Friday, May 1, 2015

REPORT: SPOTIFY RACKS UP ANOTHER $350 MIL

Latest Round of Funding Brings Streamery Just About to UMG Valutation

The rumors you read here a while back appear to have been borne out: Spotify has scared up another $350 million in its latest fundraising round, according to a CNBC report, which says that Goldman Sachs represents one of the larger stakes in the latest round.

Even before this most recent infusion, Spotify had reached an $8 billion valuation; with the new funds it just about matches the valuation of Universal Music Group (based on an offer tendered to—and refused by—Vivendi by SoftBank).

The majors have latterly expressed support for Spotify's efforts in growing paid subscriptions. Meanwhile, the emergence of more competitors in the streaming field has helped give shape to a landscape where, for the time being, Spotify dominates.

 
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