The online music streaming service Spotify has just secured another $100m in funding which now sees the company valued at $1bn. According to reports, the CEO of Spotify now plans to use some of this new funding to launch the service in the US market.
Spotify’s plans for the US market were lifted by news that they have now signed licensing deals for the US region with three out of the four big music labels.
However, the US market is expected to be a tough market to crack. Pandora appears to be struggling following its IPO, and there is already a wealth of similar competition.