How much for Spotify?
Aug 17th, 2010, 07:56
How much is Spotify worth? €230 million. How come? Well, according to documentation filed with the Trade Register of Luxembourg – home of Spotify’s parent company – and acquired by Computer Sweden mag, Napster co-founder Sean Parker purchased a 5% stake in the digital music outfit for €11.6 million earlier this year.
MacWorld reports Computer Sweden acquired the documents from the Trade Register of Luxembourg where Spotify's parent company is registered.
The documentation reveals Napster co-founder Sean Parker invested €11.6m (£9.6m) in Spotify in February, taking a 5% stake in the company and a seat on its board of directors.
It is also reported that Spotify raised €50m (£41m) in share premiums in 2009.
Spotify's total assets for 2009 were €83.9m (£68.8m) and its parent company reported a loss of €0.6m (£0.49m) for the financial year 2009.
Spotify SVP of strategic partnerships Paul Brown leaves the company this Friday (20 August) after 18 months. The streaming music service says it is still on course to launch in the US this year.
Interestingly, Billboard last week reported that Parker was about to head up Spotify’s US operations – the company has had to delay launch in that market following difficult negotiations with record companies.