Spotify has secured $50 million in investment funding, even while company staff anxiously wait to see if Apple gives permission for the music streaming service to offer an application to iPhones.
Spotify has attracted over two million users so far and is whispered as a service likely to threaten Apple’s iTunes. It offers users the chance to stream songs using the internet without downloading tracks.
Ads-supported, it also offers download sales and a £9.99 ad-free subscription service, membership of which is required to use the iPhone app.
The company hopes to launch in the US later this year, the new riund of funding is thought to reflect this. Interestingly, the company is alleged to be talking to another strategic investor which “analysts said was likely to be from the music industry,” the Financial Times reports.
Grooveshark also plans to introduce a streaming music application to the iPhone.