August 9, 2011 12:22 pm EDT

Spotify reported to have 175,000 paid-up Americans, valued at $1.1 beeellion

Seems like America's doors are still wide open to new musical immigrants, because Spotify's stateside foray has just boosted its overall valuation to $1.1 billion. That's based on its two most recent investment rounds, which racked up another $100 million from new and old investors who are clearly convinced that the streaming platform can carve out a niche between existing rivals like Rhapsody and new entrants like Google Music and iCloud. Meanwhile, AllThingsD are reporting figures from an unnamed source who says that the London-based company now has 1.4 million US subscribers, of which 175,000 are coughing up $10 per month for premium features like mobile access. If accurate, that equates to a conversion rate of 12.5-percent -- not quite as high as the 15-percent it achieved in Zamunda Europe, but still impressive.

Spotify reported to have 175,000 paid-up Americans, valued at $1.1 beeellion originally appeared on Engadget on Tue, 09 Aug 2011 08:22:00 EDT. Please see our terms for use of feeds.

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Original Link: http://www.engadget.com/2011/08/09/spotify-reported-to-have-175-000-paid-up-americans-valued-at-1/

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