Spotify receives $5.7 billion valuation
Streaming has been said to be the future of music consumption with companies like Spotify, Soundcloud, Pandora, Beats, and many more accruing millions of subscribers each month. Many believe that streaming music platforms have only scratched the service of what could be a possible cash cow as consumers gravitate from buying music to borrowing it.
According to a report from Manhattan Venture Research, Spotify is currently valued at $5.74 billion, and the company believes it is worth even more. To compare Spotify with other company valuations: EMI’s recorded music and publishing divisions come in at $1.9 billion and $2.2 billion, Pandora earned a $3.2 billion valuation, Live Nation is valued at $5.6 billion, and Sirius XM takes the cake at $24.4 billion. MVR believes that Spotify could be on track to reach the potential of Sirius XM with future opportunities of telecommunication partnerships, automobile integration, and much more. With competition increasing each month, Spotify’s current trajectory will be interesting to watch over time.
H/T: Billboard
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