European music streaming company Spotify is in the process of a fundraising round with a value of at least $100m (€73.3m), reports suggest. Tech Crunch reports that the round is thought to be led by DST, a Russsian venture firm that has backed Facebook, Groupon and Zynga, and will value the company at $1bn. Spotify recently announced a partnership with Shazam, which will enable smartphone users to buy music from Spotify that they have discovered using Shazam’s recognition technology. So far Spotify has raised €82.3m, the most recent of which was a small round led by Founders Fund last year. The company has struggled to launch its service in the US, although there have been rumours that the company has managed to secure some partnerships with record labels. Apple has recently announced a new subscription model, which will give them a cut of 30 per cent of revenues if music is accessed through iTunes. This charge makes it expensive for streaming companies like Spotify to provide services on Apple devices such as the iPad and iPhone. To read more deal alerts, check our sister brand Real Deals
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.