European music streaming upstart Spotify has attracted funding which values the company at a cool billion dollars.
DST, the venture capital outfit behind Facebook, Groupon and Farmville, will pump $100 million into the free/freemium music distribution outfit as it leads its march out of Europe and into the US of A according to TechCrunch.
The company has thus far attracted €82.3 million in investements and was last valued at around €200 million in 2009.
The folks at spotify are currently doing the rounds at US record labels but have already inked a deal with one of the big four, Sony. EMI Warner and Universal are almost certain to follow suit as the music industry hive mind seems incapable of independent thought or action.
Spotify has 10 million registered users in Europe who have access to more than 10 million individual music tracks, either by paying a monthly subscription or putting up with time limits and annoying ads.
It has never made a profit since it was launched in 2006 in Sweden but a free flow of yankee dollars could make all the difference.