Spotify Close to Securing $200 Million Investment (Report)

9:00 AM PST 11/09/2013 by Billboard Staff

As of March, the streaming service had some six million paying customers and 24 million active users.

Spotify and Technology Crossover Ventures are close to announcing a $200 million round of funding, according to a report on Sky News.

As of last March, Spotify had some six million paying customers and 24 million active users. The streaming service's most recent initiative is an artist marketing program called Spotlight, which launched last month with artists Haim and Lorde, and is both a discovery and promotion tool.

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In September, Spotify expanded to four new countries -- Taiwan, Argentina, Greece and Turkey -- bringing the total territories where the music streaming service is available to 32 countries.

TVC, which is based in Silicon Valley, has a $7.7 billion technology fund and counts Facebook, RealNetworks, Netflix and Groupon among its many investments.

A Spotify representative declined to comment for this report.

This story first appeared on Billboard.com.

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