Spotify Value Tops $8 Billion as Investors Bet on Streaming
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Spotify received a valuation topping $8 billion in its latest round of funding as the world’s largest subscription music-streaming service said its number of customers exceeded 75 million.
The company raised $526 million from investors including Goldman Sachs Group, Baillie Gifford & Co., Discovery Capital Management, Lansdowne Partners, Rinkelberg Capital and Senvest Capital for a valuation of $8.5 billion, a person familiar with the matter said. Phone carrier TeliaSonera AB said Wednesday it invested $115 million.
Spotify continues to amass funds as it tries to boost its subscription service before Apple gains more customers for its updated music offering, unveiled this week. Both Apple and Spotify give users access to more than 30 million songs, and each service costs $9.99 a month.
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