Monday, November 25, 2013
Spotify, which started in Sweden in 2008, is now available in more than 30 countries. The internet service that makes millions of songs available for streaming, by subscription or free with advertising, is eager to expand around the world, as the download market cools and competition for streaming music intensifies. Now the subscription music service, has completed a $250 million financing round that values the company at more than $4 billion. The investment comes from Technology Crossover Ventures, a firm whose media and technology investments have included Netflix, Facebook and Groupon. $ 4 billion is a lot of money. What's in it for the song writers who supply the contents of Spotify ? I'm afraid they altogether will get less than 0.0001 % of the profit.
Posted by Michael Kunze at 6:00 AM