Spotify is one of the largest music streaming services available and the company has just received an additional $526 million in funding.
The latest $526 million investment in Spotify gives the company a valuation of $8.53 billion and the company will use the funds for expansion and to also take on Apple Music.
Apple recently announced their new Apple Music streaming service which is launching at the end of the month, the company will offer a free three month trial of the service and prices for the service start at $9.99 a month for a single subscription and $14.99 for a family of up to six.
Spotify charges more than Apple Music for its family plan, the company recently announced that it will offer similar pricing to Apple’s service.
The company will apparently use their new $526 million investment to push into new forms of media, they recently announced that the service was getting podcasts and videos.
It will be interesting to see what Spotify does with its additional investment and if the money can be used to increase their paid subscriber numbers.
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