Spotify Backers Not Sweating Apple Music

Spotify Backers Not Sweating Apple MusicApple may have impressed the world on Monday with its unveiling of a new streaming music service but Spotify and its backers aren’t backing down.

According to the Wall Street Journal, Spotify just completed another round of funding that will only

The music-streaming company closed a $526 million round of funding valuing it at $8.53 billion, said a person familiar with the matter. The financing, which The Wall Street Journal first reported on in April, closed on Tuesday.

According to Spotify, its paying subscriber base has ballooned past 20 million (there are 75 million active monthly users).

But will the growth slow now that Apple is entering the music game?

As MMW reported Monday, Apple Music will be available starting on June 30 in over 100 countries.

Interested potential subscribers will be offered a 3-month free membership, after which there’s a $9.99/month subscription fee. (A family plan offering access to the service for up to six family members will cost $14.99/month).

“We love music, and the new Apple Music service puts an incredible experience at every fan’s fingertips,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “All the ways people love enjoying music come together in one app — a revolutionary streaming service, live worldwide radio and an exciting way for fans to connect with artists.”