Streaming music startup Spotify has launched in Australia and New Zealand, which brings the service to 15 total countries, the company announced today.
As the company expands to new territories, we’ve heard it is seeking a new mega-round of funding that could more than triple its current valuation. The new funding could end up being as high as $220 million, pushing the music startup’s valuation up to $4 billion. Because music licensing is quite costly, Spotify hopes to cut major losses over time by bringing more paid users into the fold.
Spotify has more than 3 million paying subscribers globally, but with additional countries, it hopes to continue growing that number. The company offers a catalog of more than 16 million tracks and lets users access a limited amount music for free with advertising or listen to unlimited amounts of streaming music for a fee.
Recently, the company finally brought its streaming music experience to Apple’s iPad. Competitors Rdio and MOG also have iPad apps.