As music streaming all around the world picks up at a staggering rate, music streaming web services are expanding just as quickly. And with any growth, more funds are needed.
This is the case for popular music streaming site, Spotify. The Stockholm based company is currently on the look out for different ways of raising more capital.
We reported in early August already, that Spotify had expressed a need to raise more funds to help with the growth of their company.
â€œWe cannot exclude the need or desire to raise more funds in the future to fund future growth.â€
And it looks like that time is now.
Spotify is currently valued at an estimated $5.2 billion. The company had also doubled itâ€™s revenue in 2012, to a whopping $577 million.
It is not yet clear exactly how much money Spotify is wanting to raise. The company won’t, however, be issuing any new shares and is thought to be considering issuing debt.
It remains to be seen as to when and how Spotify will raise the extra funds – but it can definitely be said that they are moving at an incredible pace.
Now, if only they will bring their business to South Africa…