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Spotify is valued at $8.4 billion following an injection of $400 million in funding

Spotify is valued at $8.4 billion following an injection of $400 million in funding

Streaming with profit

Music streaming company Spotify shows recent competition that it is still at the top of its game with a $8.4 billion valuation and a fresh influx of $400 million in funding...

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.