Spotify is showing no signs of baulking following the grandeur and showmanship of the recent launch of Jay Z's competing music streaming site, Tidal. Nor, that it has recently lost a string a big name artists from its musical archive who have revoked the site's rights to steam music, including: Taylor Swift, Thom Yorke and Björk. On the contrary, following a recent round of funding the company has been valued at a staggering $8.4 billion, making it one of the world's most highly valued private tech companies.

This current round of funding, has seen Goldman Sachs Group Inc. and an Abu Dhabi sovereign-wealth fund agreeing to invest and is expected to raise $400 million. The company's revenue last year was reportedly around $1.3 billion, so the company valuation is placed at around 6.5 times that.