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Spotify is reportedly close to a deal to raise US$400 million, valuing the music streaming service at US$8.4 billion (around $11 billion), according to people familiar with the matter, The Wall Street Journal has reported.Goldman Sachs and an Abu Dhabi sovereign-wealth fund have agreed to invest, with Spotify having held talks with a range of asset managers and venture-capital firms, the WSJ reported its sources as stating.
Spotify, which launched in 2008, advised earlier in the year that it had ended 2014 with 60 million active users, of which 15 million are active subscribers, recording a steep growth curve throughout 2014.
In May 2014, Spotify reported it had 10 million subscribers and more than 40 million active users.
However, the music streaming market is growing increasingly competitive, with comparatively new services, such as rapper Jay Z’s high-fidelity music streaming service Tidal, which recently relaunched, providing consumers a range of alternatives.
Apple, meanwhile, is reportedly seeking to sign deals with a number of artists for its Beats music streaming service.
The WSJ has reported one of its sources as stating the terms of the Spotify funding have been set, with the funding round set to close in the coming weeks.
