As the streaming war between TIDAL and Spotify is in its genesis, the latter proves it didn’t lose its positions. The Wall Street Journal reports that the platform is to close a $400 million deal in funding. Investors include powerful companies such as Goldman Sachs – one of the oldest investment banks in the world. Once the papers get signed, Spotify would be estimated at $8.4 billion.
This number is $2.66 billion higher than the streaming giant’s previous $5.74 billion valuation reported in January this year. It is also $1.5 billion more than the revenue of the entire recording industry in the US in 2014. These statistics make Spotify one of the richest tech startups in the recent years.
Bottomline: if Jay Z and his new artist-powered platform TIDAL want to compete with Spotify, it will take more than taking off a few albums and random songs, a couple of exclusive…
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