Yes, you read that number correctly. According to The Wall Street Journal, popular streaming platform Spotify is about to finalize a $400 million deal in funding with powerful investors like Goldman Sachs amongst others. As a result, after closing its deal the company would be valued at $8.4 billion, which is $2.66 billion higher than its $5.74 billion valuation reported earlier this year. The number is 6.4 times the revenue amount that Spotify made last year, and $1.5 billion more than the revenue of the entire recording industry in the US in 2014. With a valuation amount like that, this makes Spotify one of the richest tech startups in the recent years. We're also curious to know whether JAY Z's new artist-run, streaming service TIDAL will be able to make these numbers in the coming years.
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