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June 10, 2015 08:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/WDrSCsdFSlY/spotify-raises-526-million-as-apple-charges-into-streaming
Spotify Raises $526 Million As Apple Charges Into Streaming
An anonymous reader writes: Spotify has raised an enormous $526 million in funding to fight off Apple's new Apple Music subscription service. As part of the funding round, European carrier TeliaSonera is responsible for $115 million. The music service now has 20 million paying subscribers and 75 million monthly active users, doubling the subscriber base since May of 2014. The LA Times reports: "U.S. companies participating in the Spotify funding include Halcyon Asset Management, GSV Capital, D.E. Shaw & Co., Technology Crossover Ventures, Northzone and P. Schoenfeld Asset Management, said the person familiar with the matter, who was not authorized to comment publicly. British investment firms Baillie Gifford, Lansdowne Partners and Rinkelberg Capital, along with Canadian hedge funds Senvest Capital and Discovery Capital Management also took part. In a statement disclosing its investment, TeliaSonera said it would work with Spotify to come up with innovations in media distribution, customer insights, data analytics and advertising."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/WDrSCsdFSlY/spotify-raises-526-million-as-apple-charges-into-streaming
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