COPENHAGEN, Denmark (AP) — Music streaming company Spotify says it has gotten a new investment from TeliaSonera, a Nordic telecoms company, as it looks to compete globally with similar services from Apple Inc. and others.
TeliaSonera is paying $115 million for a 1.4 percent stake, which would value Spotify at over $8 billion.
TeliaSonera, based in Stockholm, Sweden, says the deal will extend an existing partnership to focus on “media distribution, customer insights, data analytics and advertising.”
In a statement, Spotify CEO Daniel Ek said Wednesday “we’re able to take this to the next level together.”
Launched in October 2008, Spotify doesn’t disclose details about its ownership.
Spotify, also based in Stockholm, offers free streaming music and a premium service for a monthly fee that lets users listen to music offline and without advertisements.
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