Spotify has been valued at a whopping $4 billion after securing a new wave of investment ahead of a planned global expansion push in 2014, reports the Wall Street Journal.
Around $250 million has been secured by Technology Crossover Ventures as Spotify looks to increase its market in new areas such as Japan, although its current valuation still sees it trailing market leader Pandora, which has a worth of $5.7 billion.
As Spotify looks to continue its growth into next year, the arguments surrounding online streaming, specifically in the perceived damage it can do to new bands, also continues.
The latest to offer his thoughts on the subject was Billy Bragg, who earlier this month wrote on his official Facebook page that, ‘Artists railing against Spotify is about as helpful to their cause as campaigning against the Sony Walkman would have been in the early ’80s’.
“Music fans are increasingly streaming their music and, as artists, we have to adapt ourselves to their behaviour, rather than try to hold the line on a particular mode of listening to music,” he added.