Facing Competition From Apple, Spotify Closes Funding Round, Valued Over $8 Billion

Facing Competition From Apple, Spotify Closes Funding Round, Valued Over $8 Billion

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Tara Bellucci
Jun 10, 2015
(Image credit: Victor J. Blue/Bloomberg News)

Music streaming service Spotify raised $526 million in its latest funding round that closed this week. The company, which is aiming to boost subscribers before Apple Music, announced this week at WWDC, gains traction and expands offerings, is now valued at over $8 billion.

Swedish phone company TeliaSonera AB announced today that it paid $115 million for a 1.4 percent stake, valuing Spotify at about $8.2 billion.

Apple remains the largest music seller in the world, but Spotify has the clear lead in streaming, which represents the industry's primary source of growth. Both Apple and Spotify offer around 30 million songs and cost $10 a month.

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