Although Spotify doesn’t comment on its fund-raising activity, it has reportedly won $50 million worth of backing from investors - at a valuation of $250 million, an almost unheard-of sum for a music venture in today’s stingy venture capital environment. Spotify’s recently launched mobile version - available for the iPhone and Android-powered devices in Europe to premium subscribers who pay the equivalent of around $15 per month - has won similar praise. Spotify has won high marks from reviewers for the ease with which it provides access to a catalog of more than 6 million tracks from majors and indies alike and the unobtrusive way it delivers advertising. At one point it reported signing up new members at a rate of 50,000 per day, although that figure has fallen since September, when the service restricted its free version to invited guests in the United Kingdom. It offers on-demand music streaming, in both free and premium services, and now claims to have more than 6 million users in Sweden, Norway, Finland, the United Kingdom, France and Spain. The Sweden-based startup Spotify, launched for public access in October 2008, has momentum like no other digital music service of the last six years. REUTERS/Jonathan ErnstĪdd in all the startups that have crashed and burned in the same time period and it starts to look as if no service could ever rival iTunes’ traction with customers and critics.
Students at George Washington University use their laptops in Washington in this Novemfile photo.
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