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Spotify hires Goldman Sachs to help raise $500m

Spotify has got investment banking firm Goldman Sachs on board to help with company efforts to raise $500 million in funding.

Should the new funding round be successful, Spotify will be valued at around $7 billion.

While this isn’t Spotify’s first attempt to raise big backer cash, it’s most definitely the most optimistic.

The previous lead funding round was back in November 2013, which saw Spotify rack up an impressive $250 million from investors.

Earlier this month, the firm revealed its premium streaming service – that’s £9.99 a month – now boasts 15 million paying subscribers (read: boatloads of cash).

This means that Spotify has somewhere north of 60 million users globally, making it a prime investment for willing backers.

We had an amazing 2014 at Spotify and owe it all to you, the music fans who listen, discover, share, and celebrate music and artists with us every day of the year,” wrote Spotify, detailing its success at the time.

Related: Best Music Streaming Service: Which one to download?

Spotify hit headlines earlier this week after Sony announced the streaming service would be replacing its own Music Unlimited platform on PS4.

Sony confirmed that Spotify would be powering the new PlayStation Music, which will rollout across PS4, PS3, and Xperia devices as an exclusive partner, starting spring.

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