Spotify Raises $526 Million Amid Battle With Apple - Digits - WSJ

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"Spotify is now valued at more than double Pandora Media P -3.05%, which has a current market capitalization of about $3.5 billion. Both companies operate at a loss, as they share a large portion of revenue with music label partners.

Part of the new funding may be used to fuel Spotify’s push into new forms of media. At an event last month in New York, the company announced a plan to add videos and podcasts from partners including ESPN, NBC, Conde Nast, and Comedy Central."

Spotify Raises $526 Million Amid Battle With Apple - Digits - WSJ