Most of the news about streaming services has been pretty grim lately, without naming names. But companies like Spotify seem to be doing just fine, meaning that they’ve eclipsed the entire U.S. record industry in terms of their worth. The Wall Street Journal reports that Spotify is on the precipice of a deal that would have it raise $400 million dollars at an $8.4 billion valuation. For Silicon Valley fans, that’s like 80 Pied Pipers.
But, it’s not all money fights yet, just mostly. The Independent wisely points out that while their valuation is worth more, Spotify’s actual revenue is still trailing behind the record industry.
Still, while record sales remain strong, there’s no need to weep for Spotify. RIAA reports also show that the number of people willing to pay for streaming services has grown each year by millions. Just not for Tidal, apparently.
(via WSJ/The Independent)
