Spotify Now Valued At Over $4 Billion

spotify225Music streaming company Spotify has reportedly secured $250 million in new financing, helping move the company to the four billion valuation mark, according to the Wall St. Journal. The start-up previously raised $100 million nearly a year ago, then placing it at a $3 billion valuation.

Spotify is reported to have doubled its revenues year-over-year in 2012 to nearly $600 million, but its net loss increased to $77 million. Spotify co-founder and CEO Daniel Ek told the L.A. Times earlier this year that his goal was to “not just convert the $24 million into buying [a subscription], but to get $1 billion using streaming services rather than a piracy service.”

The London-based company has expanded to four continents and currently reaches more than 26 million users.

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Hollabaugh, a staff writer at MusicRow magazine, has written for publications including American Profile, CMA Close Up, Nashville Arts And Entertainment, The Boot and Country Weekly. She has a Broadcast Journalism and Speech Communication degree from Texas Christian University, (go Horned Frogs), and welcomes your feedback or story ideas at [email protected]

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