Spotify closes $ 526 million investment round

    The Swedish telecommunications holding TeliaSonera will invest $ 115 million in Spotify's music streaming service and receive 1.4% of its shares. In addition, the companies plan to develop common advertising and media projects, as well as conduct joint marketing research. Spotify is valued at $ 8.53 billion. The deal is reported in a press release on the holding’s website .

    This is not the first transaction between the two companies. More than five years ago, they already entered into a similar agreement.
    “We have long-standing partnerships with TeliaSonera, I am glad that we have reached a new level by signing a strategic cooperation agreement,” says Daniel Ek, CEO and founder of Spotify ( translation"Vedomosti").

    Also, the British investment companies Baillie Gifford , Landsdowne Partners and Rinkelberg Capital , Canadian funds Senvest Capital and Discovery Capital Management , American companies GSV Capital , Technology Crossover Ventures , Northzone , Goldman Sachs and some others have invested in the company .

    Spotify is fighting for its future in the face of fierce competition with other services. A company needs investments and new ideas.

    May 21, Megamind wroteSpotify has signed agreements with a number of television channels, video content producers and distributors. According to Daniel Eck, the emergence of video content will expand the audience of the service. The company now has about 60 million active users.

    At the end of May, Spotify made a deal with the American Starbucks coffee shop chain . In coffee houses, music from the playlist of the service will now sound. Visitors to institutions can order compositions from barista. Companies expect that in this way the service will gain great popularity, and Starbucks will attract new customers.

    Recall that the message about the deal between TeliaSonera and Spotify appeared against the background of yesterday’s news about the launch of the rival Apple Music streaming service.

    Also popular now: