Global music streaming company Spotify reportedly received $1 billion in convertible debt.
TPG, Dragoneer, and clients of Goldman Sachs provided the financing.
Led by CEO Daniel Ek, Spotify is a commercial music streaming service that provides restricted digital content from a range of record labels and artists. It allows users to browse over 30 million songs by artist, album, genre, playlist, record label, and direct searches and to create, share, and edit playlists with other users.
The service is available for mobile device platforms such as Android, Blackberry, Boxee, iOS, Linux, MeeGo, Squeezebox, Windows mobile, and etc. to over 30 million subscribers. It is available in 59 markets.