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.
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.
-Ulysses Achonye (@SlurRty)
