SPOTIFY JUST RAISED $1 BILLION IN IT’S QUEST FOR STREAMING DOMINANCE
The streaming war continues to heat up as Spotify recently reported raising funds of $1 Billion in it’s quest for music streaming superiority, according to The Wallstreet Journal.
TPG, Dragoneer, and clients of Goldman Sachs are the new investors and as the money in convertible debt financing, investors can support the company at a discounted rate of 20% if the company goes public.
It’s unclear what the new funds will be used for, but one can speculate that it could go towards an in depth marketing strategy or perhaps acquiring more assets. It already has major licensing agreements in place and it’s paid subscription service seems to be as strong as ever.
This comes on the heels of Soundcloud launching their own paid subscription service, which has received a mixed reaction from it’s users.