Top streaming service Spotify is worth more than the US music industry, according to a new report by the Wall Street Journal stating that the company is close to closing a deal for $400 million in new funding.
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Once secured, the deal will bring Spotify’s value up to $8.4 billion; in a year-end report, the RIAA states that the US music industry’s 2014 revenue totaled $6.97 billion.
Streaming services make up 27% of the industry’s revenue, and paid subscriptions have doubled since 2011, bringing the total number of subscribers up to 7.7 million. Total industry revenue from paid streaming services is estimated at about $1.87 billion.
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