After cutting a recent deal for $400 million in additional funding, Spotify ($8.4b) now has more value than the actual recorded music industry, according to the RIAA (Recording Industry Association of America), which estimates that value to be about 6.97 billion.

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The move puts Spotify in the realm of the top private tech companies like Dropbox, Pinterest, and Snapchat among others, and it comes during a time where the music streaming competition is becoming increasingly intense. Popular streaming services Beats Music and Pandora have experienced resurgences early in 2015, while Jay Z‘s “artist-owned” TIDAL service is struggling to make it’s consumer engagement match the pre-launch hype, despite artists pulling their music off of Spotify.

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-Ulysses Achonye (@SlurRty)