Spotify is smartly going back
to the funding well prior to the launch of Apple’s new
music service. But does this $400 million
round signal a perennially unprofitable company, and
is a new $8.4 billion valuation
Spotify is close to raising its seventh round of funding,
according to the Wall Street Journal. This time
Spotify will add $400 million to its war chest at a valuation
of $8.4 billion a value twice that of Pandora.
Previous investors Goldman Sachs and the Abu Dhabi
Sovereign Wealth Fund are leading the new round, but other
major investors are also expected to join in.
Over the weekend, Spotify began testing a new and
rather obtrusive “Tweet the Beat” feature which
automatically displays a full screen pop-up with a
pre-populated message alongside a button to tweet Rihanna
thanking her for her “Bitch Better Have My Money”
“What you’re seeing is a new feature called Tweet
the Beat which lets listeners express love and appreciation
towards the artists they follow or listen to often, and has
been designed as a great way for fans to get closer to their
favourite artists,” a Spotify spokesperson told The Verge.