Spotify hits 20M paid subscribers, completes $526 million funding round

Spotify announced today that it has more than 20 million subscribers and 75 million active users on its streaming platform. The company started off 2015 with the announcement 60 million active users and 15 million paying subscribers, meaning Spotify grew quickly to hit this milestone.

Spotify also closed a round of funding today of $526 million. The round, which began in April, brings the company’s total financing to more than $1 billion and brings its new valuation to $8.53 billion. This new round included an investment of $115 million from Nordic telecom TeliaSonera, which granted it a 1.4% stake in the company. These brands will work jointly on media distribution, customer insights, data analytics, and advertising.