Bangalore: Commercial music streaming service that provides restricted digital content from a range of record labels and artists, Spotify raises $526 million in Series G round of funding led by TeliaSonera – Swedish Telecom Company who invested $115 million. The new round of funding was also participated by investors including Goldman Sachs, GSV Capital, Asset Management Partners, D.E. Shaw, and several British and Canadian groups. Along with the latest funding, the company has raised almost $8.5 billion till date. The find will be utilized to continue battling Apple.
Founded in 2006 by Martin Lorentzon and Daniel Ek, Spotify is a commercial music streaming service that provides restricted digital content from a range of record labels and artists. Since inception, the company allows users to browse through the interface by artist, album, genre, playlist, record label and direct searches. It also allows individuals to create, share, and edit playlists with other users and also enables to connect their Spotify accounts to their Facebook and Twitter profiles. Today, the firm assembles millions of tracks and is obtainable in mobile device platforms including Android, Blackberry, Boxee, iOS, Linux, MeeGo, Squeezebox, Windows mobile and many more.
Expanding its reach, the firm claims to have more than 75 million active users and 20 million paid subscribers throughout the world. Indeed, the company had doubled the 10 million paid subscribers in one year, and has now paid over $3 billion in royalties to artists, songwriters and rights holders, including more than $300 million in the first three months of 2015 alon