Monday 12 November 2012, 12:41 | By CMU Editorial
Spotify to complete new funding round, announces Artist & Manager Grant
Spotify is close to completing its latest funding round, raising a further £100 million to fund continued global expansion in 2013. The latest funding values the streaming music firm at about $3 billion, which is less than some expected, though it’s still a phenomenal sum of money, given the whole of EMI sold for just over $4 billion last year. And while the digital music firm is now generating sizable revenues each year, it’s not expected to go into profit at any point in the foreseeable, with a business model that some still doubt is viable in the long term.
Still, let’s not allow such doom talk ruin the Spotify expansion party. And the streaming music service is planning on sharing some of its wealth, with a new ten grand grant being made available to an artist/manager partnership that “shows great promise”. The grant will be made as part of the digital firm’s support of the UK Artist & Manager Awards, staged by the Music Managers Forum and Featured Artists Coalition. Five new artists will be shortlisted for the grant, which aims to allow the winning act to develop creatively and commercially, with the overall winner being announced at the A&M Awards on 27 Nov.
Mark Williamson, Spotify’s Director of Artist Services, told CMU: ‘We’re really proud to be working with the MMF and FAC on the Artist & Manager Awards which recognise the value of artist and manager partnerships to the industry. We hope that the Spotify Artist & Manager Grant will help the winning partnership to progress their career and get that much closer to achieving their goals”.