Music site sets North American launch
LONDON — European online music service Spotify is primed for an assault on the U.S. market through the injection of $50 million in new funding.
The company, which sprinted from a standing start less than a year ago to 2 million users in the U.K. and Sweden, is in advanced talks to raise coin from investors that include Hong Kong tycoon Li Ka-shing’s charitable foundation and London-based venture capitalists Wellington Partners, according to a report in the Financial Times.
Spotify has an estimated value of $250 million.
The service, which was launched by Swedes Daniel Ek and Martin Lorentzon in October, has 6 million tracks available through three packages: a free service, with advertising; an advertising-free day pass, costing $1.67; and a $16.90 monthly pass, also without advertising.