Music streaming service Spotify has been valued at just over £2.2 billion, though investors are still said to be reluctant since it doesn't own any of the content it provides to users.
Last February Spotify was valued at around £600 million after it generated a tenth of that in investments, marking quite a significant growth in the company's fortunes over the last 13 months. However, with investor confidence stuttering in comparison, it could mean future growth isn't quite as titanic.
Their mistrust does make some sense as well, since Spotify relies on the cooperation of not only record labels, but media conglomerates and the various royalty organisations that are present in different countries. Germany's is famous for being uncooperative as well as demanding massive fees for its native artists.
If too many people see Spotify as a threat to the industry instead of a benefit, the service could quite easily be targeted by groups like the Recording Industry Association of America (RIAA) as being unfair to artists and from there it would be a long hard fall.
That's certainly a bit of a bleak picture which is likely to be far from what actually happens with Spotify. Its new valuation - while perhaps a little tremulous - puts it up there with some other high powered music services and proves it's a real competitor in the current market. Due to different approaches by emerging artists and companies like Spotify, the music industry as a whole is going through big changes. If it can survive, the music streamer could find itself as a dominant platform in years to come.