(UPDATED) Spotify has been working on a new round of financing for months, but new reports point to the company finally ready to close on $100 million in cash based in a $3 billion valuation. Earlier reports had Spotify seeking funds based on a $4 billion value.
Spotify is growing steadily, with more than 15 million active users in 15 countries, 20% of whom are paying subscribers. Like all music streaming services, however, Spotify is dogged by profitability concerns. More users means higher payments to rights-holders.
Last year, Spotify's net loss widened to $56 million. The company has said that revenue will rise to $900 million this year, but has not revealed expected losses.
Spotify is expected to expand in Latin America and Eastern Europe in the coming months.