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Spotify raising $200m to expand to new markets


Spotify's Daniel Ek climbs music millionaires list

Bloomberg said that Spotify, Swedish music- streaming service, is recruiting Goldman Sachs Group Inc as it seeks funding that would value the company as high as $4 billion, according to people with knowledge of the situation.

The company, founded in 2006, is said to be raising $100 million to $200 million.

The music service is seeking money as it expands into new markets.

Spotify operates in 13 countries, with 10 million users and 3 million paying subscribers, according to its website. 

The company lost about $91 million over the past two years, business daily Dagens Industri reported. Chief Executive Officer Daniel Ek said in the interview that revenue this year may exceed 6 billion kronor ($833 million). The service paid about $150 million to rights holders in 2011, compared with $55 million in 2010. 

Spotify faces competition from other subscription music services, including Rdio Inc., as well as online ventures by Viacom’s MTV, AOL and Yahoo!, Bloomberg said.

 

Last Updated (Monday, 21 May 2012 06:33)

 

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