Spotify has secured about $250 million in new financing that
values the music-streaming company somewhere "north" of $4 billion, according
to The Wall Street Journal.
The round of funding, led by Silicon Valley firm Technology
Crossover Ventures, will help fuel Spotify's global expansion plans. While
already established in many Western markets, including the U.S. , Spotify is aiming to launch its service in
more countries, including Japan .
Spotify's valuation is beginning to approach the market
capitalization of Pandora, which went public in 2011 and is currently valued at
$5.7 billion.
Spotify generated more revenue last year about $585
million—compared with Pandora's $427 million.
Losses at both companies, however, have widened as robust
listener growth has brought with it higher royalty costs for playing songs.
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