Spotify Takes The Fight To Apple With $526 Million In Funding

Apple Music is finally here. Will this be a bigger success than Apple’s somewhat failed iTunes Radio and Beats Music which didn’t really get a chance to take off before Apple acquired the company? So far it seems that Apple Music has everything it needs to compete with some of the more established platforms out there, namely Spotify.

However it looks like Spotify is no where near giving up just yet. According to a report from The Wall Street Journal, the music streaming company has managed to recently raise a whopping half a billion – $526 million to be exact – in its latest round of funding. Ultimately this values the company at an eye-watering $8.53 billion.

What Spotify does with that money remains to be seen, but it has been assumed it will be used towards expansion and generating new forms of content that its users can consume. Last month the company announced their plans for video, and also made a foray into fitness by introducing running playlists.

That being said while Spotify does seem to be the king of streaming right now, Apple has the brand and reputation, and let’s not forget the millions upon millions of credit cards stored on file, making it extremely easy for an iOS user to sign up on the spot. We suppose it might be too early to tell as Apple Music is only planned for a launch come 30th of June.

Tyler Lee
Categories: Apple, Audio
Tags: Apple Music, Spotify