Popular music streaming service, Spotify, is receiving $115 million from Sweden’s TeliaSonera for 1.4% stake. With this investment as part of its latest funding round where Spotify raised more than $500million, the value of the company is now about $8.53bn.
This investment is part of TeliaSonera bid to join forces with Spotify to take innovation to the next level. This is happening following more than five years of successful partnership.Both companies are also committing resources, staff and other assets to ignite the joint innovation agenda within areas such as media distribution, customer insights, data analytics and advertising.
“We have a long and great relationship with TeliaSonera and I’m pleased we’re able to take this to the next level together with this strategic partnership”, said Daniel Ek, CEO and Founder, Spotify.
“We’ve set-out to create a New Generation Telco where innovation is key to our success. Spotify is a great company, loved by customers and with a world class take on innovation I’m excited to join Spotify’s journey as investor and key partner”, says Johan Dennelind, President and CEO, TeliaSonera.
Spotify is currently one of the world’s biggest streaming music services, with over 20 million paid users and more than 75 million active users across its global footprint.
TeliaSonera provides network access and telecommunication services in the Nordic and Baltic countries, the emerging markets of Eurasia, including Russia and Turkey, and in Spain.
