Recently, Tidal has been the hot topic in the music streaming world.
However, I’m staying loyal to Spotify — at least until more artists besides Taylor Swift pull their music from the platform. And I have more reason to believe that Spotify will prevail going forward.
Business Insider announced today that Spotify is close to securing a $400 million round of funding from the likes of Goldman Sachs and others.
The new valuation would be double that of rival streaming service Pandora, which has a market capitalization of around $3.5 billion.
It was reported earlier in the year that Spotify was seeking $500 million in funding, in part to hold of from going public for at least another year.
With $400 million on the horizon for Spotify, I’m very interested to see what this money will be used for. In order to keep up with the social prerogative of Tidal, some of that money should be directed back towards the artists. But in regards to media companies working to stay ahead of the curve, raising $400 million is a good look.