Spotify valuation surges to $4 billion

Spotify, a Swedish music streaming service, has been recently valued at $4 billion in the latest round of financing. It has nearly doubled its previous assessment of $2.2 billion in 2011. The fast-growing digital music service, launched in 2008 and operated by businessman Daniel Ek, offers streaming from a range of major and independent record labels including Sony, EMI, Warner Music Group, and Universal, and has a total user count of over 15 million (4 million of whom pay monthly for Premium services). With its financing led by banking giant Goldman Sachs, Spotify plans to use the proceeds from financing to grow in scale and subscribers.

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