April 12, 2015
According to The Wall Street Journal, streaming giant Spotify is close to finalizing a deal to secure $400 million in funding from investors such as Goldman Sachs and state-sponsored investors from Abu Dhabi, which would value the company at $8.4 billion dollars. This adds a premium of $2.66 billion to the $5.74 billion valuation that was reported in January, and would place Spotify among the world's highest valued tech companies. $8.4 billion is 6.4 times the amount of revenue that Spotify made in 2014, and approximately $1.5 billion more than the total revenue of the recorded music industry in the United States in 2014. That's a lot of money.