Spotify 'worth £150m' as investors pour in

Is a record label one of the suitors?

Spotify worth 150m

Spotify has been valued at around £150 million by the Financial Times, amidst reports that the music streaming phenomenon has raised around £30 million in investments.

The Financial Times suggests that the company's ability to attract investment of around $50 million from venture capital firms suggests that the company is worth £148 million ($250 million).

The Swedish company has had a huge impact in the music world with its ad-funded streaming service, and the impending arrival of a Spotify iPhone application will drive up the number of people paying for premium accounts.

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It has also prompted the likes of MSN to launch streaming ad-funded music services, although no firm arrival date for the Microsoft project has yet been released.

Another interesting rumour around the investment is that one of the backers is apparently a record label.

Currently Spotify pays for every track played, but an arrangement with one or more record companies could cut this cost significantly and aid the service's continued move on to a global footing.

Via FT