Spotify reportedly just raised $350 million
Previously, Spotify has raised $537.8 million from investors including Kleiner Perkins, Fidelity Ventures, and Technology Crossover Ventures. Spotify's valuation previous to the newly reported funding was $8.4 billion.
The news comes at an interesting time in the music streaming space. On Friday, music streaming site Grooveshark shut down. Grooveshark had spent years tangled up in legal battles with music record labels.
"We started out nearly ten years ago with the goal of helping fans share and discover music," the company said in a letter to users on its homepage. "But despite [the] best of intentions, we made very serious mistakes. We failed to secure licenses from rights holders for the vast amount of music on the service. That was wrong. We apologize. Without reservation."
In addition, Jay Z's music streaming service Tidal has recently faced criticism. The music streaming service, backed by artists like Madonna and Kanye West, plummeted down the App Store charts. It had been ranked within the top 20 free apps in the US Apple App Store, but has since fallen to outside the top 100. Jay Z spoke out against the negative press Tidal has received in a tweetstorm earlier this week.
We reached out to Spotify for comment and will update this story when we hear back.