Spotify hopes to expand to Latin America and Eastern Europe next year
- November 12, 2012 M10o93H7pQ09L8X1t49cHY01Z5j4TT91fGfr
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.