Spotify and Technology Crossover Ventures are close to announcing a $200 million round of funding, according to a report today on Sky News.
As of last March, Spotify had some 6 million paying customers and 24 million active users. The streaming service's most recent initiative is an artist marketing program called Spotlight, which launched last month with the artists Haim and Lorde and is both a discovery and promotion tool. In September Spotify expanded to four new countries - Taiwan, Argentina, Greece and Turkey bringing the total territories where the music streaming service is available to 32 countries.
TVC, which is based in Silicon Valley, has a $7.7 billion technology fund and counts Facebook, RealNetworks, Netflix and Groupon among its many investments.
A Spotify representative declined to comment for this report.