Spotify, which already counts 20 million paying users, has secured a new investment round to defend its position in the competitive streaming music sector.
The launch of Apple Music definitely changes the rules in the streaming music sector, where vendors such as Spotify are trying to offer more songs in order to compete. Spotify last month launched a new version that added podcasts and video content.
But now Spotify has closed a US$526 million round of funding valuing it at about $8.5 billion, the Wall Street Journal reported on Wednesday. The investment comes from Swedish telecom operator TeliaSonera, which will offer $115 million for a 1.4 percent stake in Spotify.
Earlier today, Spotify's team announced that the service has more than 20 million subscribers and more than 75 million active users.
Spotify added that it haspaid out more than $3 billion in royalties.