Spotify looks to be gearing up to fend off Apple who are entering the music streaming arena June 30th with its Apple Music service by picking up $526 million in funding and raising its value to $8.5 billion.
Coming in with 75 million active users—a massive bump from 40 million this time last year—and 20 million are paying customers, Spotify is looking like a tough as nails competitor. Apple will be pricing its service at $10 per month and has almost 40 million songs in its library compared to Spotify’s almost 30 million.
Spotify has also managed to flip royalty payment criticism. For some time it has been said that Spotify simply paid too low in royalties to the musical acts that make up its large library of tunes. Recently the company announced that it paid over $300 million in royalties during the first quarter of 2015 and over $3 billion overall. This is up from the $2 billion the company announced in late 2014.