Spotify hopes to expand to Latin America and Eastern Europe next year

November 12, 2012 by Cassie Whitt

Spotify hopes to expand to Latin America and Eastern Europe next year

According to Billboard Biz, Spotify is closing in on $100 million in funds raised for expansion. With that money, the streaming service hopes to open in Latin America and farther across Europe in 2013.

Though $100 million may seem like a massive change chunk and, according to the International Business Times, Spotify is valued at $3 billion, the company still has yet to report a net profit.

At present, Spotify is still a private company, owned by its original co-founder Daniel Ek. Ek says that the company's primary focus for now is global expansion as opposed to seeking buyers or going public.

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