Report: Spotify Seeks $500 Million In New Funding
January 28, 2016 at 3:59 AM (PT)
THE NEW YORK TIMES reports, "SPOTIFY is looking to raise at least $500 million in new funding to continue its global expansion and compete with powerful outlets like APPLE, PANDORA and GOOGLE, according to a person briefed on the company’s plans."
The webcaster, valued at $8.4 Billion, has previously raised more than $1 billion since its launch in 2006.
THE TIMES notes, "in its latest round of fund-raising, it is seeking to raise $500 million through a debt offering, in which investors will gain the right to convert their notes to equity, according to the person, who spoke on the condition of anonymity because the company’s plans were private."